Plymouth, USA-based digital personal finance platform that has helped more than one million Americans, Credit Genie, raised USD 4 million in Series A. The round took place on June 1, 2023. Tippet Ventures and Khosla Ventures led the financing for the firm. Meanwhile, Gabriel Investments provided the investment.
In addition to the Series A financing, Credit Genie announced a credit facility with affiliates of Fortress Investment Group.
Purpose of financing for Credit Genie
With the latest capital proceeds from Series A, Credit Genie seeks to expand its products. It also has plans to ramp up its hiring operations and acquire top talent to scale its innovative approach to behavioural finance, budgeting and cash/credit management.
On the other hand, the credit facility enables to help it to finance its cash advance and credit card receivables.
What the company’s official has to add
Founder Ed Harycki said, “We are thrilled to have the support of such a distinguished group of investors as we work to transform the personalized finance industry. Our mission is to provide accessible financial products and services that help consumers improve their financial wellness. The company aims to provide a more inclusive and fair credit system, regardless of their income level or credit history, that empowers individuals to achieve their financial goals.”
What the investors have to add
Andy Sheehan of Tippet Ventures said, “We believe Creditly Corp’s innovative approach to delivering financial insights and credit-related services has the potential to play a leading role in the mobile financial services space. Their technology has already demonstrated impressive results, and we are excited to support their continued growth and expansion.”
About the company
Ed Harycki launched the company in 2022. The USA-based Credit Genie operates as a mobile financial membership platform empowering people to take control of their finances. Since its launch in 2022, Credit Genie has engaged with over 1 million hard-working Americans. The company earned its members’ trust by building a full-service digital platform to deliver financial alerts and insights, personalized budgeting, as well as credit-building solutions.
Its app enables members to access a 360-degree snapshot of their financial lives and get personalized tips and products to build and improve their credit. The platform also utilizes home-grown machine learning and AI algorithms as well as “Open AI”. The technology identifies patterns and predicts credit risk, resulting in more accurate credit scores and better lending decisions. The company is on a mission to help millions of consumers access efficient credit at fair rates, using cutting-edge technology that analyzes diverse data points such as behaviour, chat and qualitative indicators.
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