USA-based financial technology company offering credit-building products for consumers new to credit, Upwardli raised USD 2 million in seed funding. The seed round took place on February 2, 2023. Dundee Venture Capital led the financing for the firm. Meanwhile, Techstars, J4 Ventures, Cascade Seed Fund, Avesta Fund, Temerity Capital Partners, Service Provider Capital, and notable angel investors joined in the funding.
As a part of the deal, Catherine Williams of Dundee Venture Capital and Danielle Hill, the company’s co-founder and COO joined the Upwardli Board of Directors.
Purpose of financing for Upwardli
With the latest funding, Upwardli seeks to hire additional staff. It also has plans to add features to boost credit scores faster. Meanwhile, it intends to expand its partnerships with financial institutions to embed its credit builder solutions into their own product experiences.
What the founder has to say
Aaron Gregory, Upwardli’s co-founder and CEO, said, “The lack of established credit created barriers to accessing needed financial services. For credit-based products, it’s a total mess. Our credit system creates a chicken-and-egg problem that exacerbates these barriers and penalizes those just starting their financial life.”
Gregory further said, “We’re an onramp into the credit mainstream for millions of consumers that are traditionally overlooked and undervalued.”
What the investor has to say
In addition, Catherine Williams, Principal at Dundee Venture Capital, said, “Upwardli is an excellent example of an innovative fintech company leveraging data and technology to deliver much-needed financial services for underserved populations. Their inclusive credit builder product is already unlocking access to credit for creditworthy individuals across the country. Paired with their unique data and product capabilities, Upwardli is poised to deliver innovative credit products to customer segments where existing solutions are unavailable or prohibitively expensive.”
About the company
In 2021, Founders Aaron Gregory and Danielle Hill launched the company. Upwardli is a financial services company making credit fair and accessible to the 50 million Americans, particularly new immigrants and Gen Z. The company enjoys partnerships with financial institutions to offer its credit-building solutions as an alternative to a harsh credit rejection when an applicant fails to qualify due to a lack of credit history. Upwardli helps consumers build their credit into an acceptable range. It then further passes the customer back to the lending institution, ready for approval. Earlier in November 2022, the company launched its Upwardli’s Credit Builder Plus product.
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