Progreso Financiero, a Mountain View, CA-based company which helps lower-income and underbanked Hispanic families build creditworthiness and reach access to traditional financial resources, has secured $28m in a Series D financing round.
The investment was led by Madrone Capital and Greylock Partners, with participation from CRV and DAG Ventures. This round brings the total the company has raised to date to over $52m.
In conjunction with the financing, Carl Pascarella of TPG Capital will join Progreso Financiero’s board of directors.
Progreso Financiero, a U.S. Department of Treasury-certified community development financial institution, provides responsible credit and payment products that provide an entry point for Hispanics who desire to access to mainstream financial services. Through its products and services, tThe company helps them establish credit history, move up and qualify for traditional products.
Progreso operates offices across California and is currently expanding into Texas.