Cumulus Funding, a Chicago, IL-based provider of financial solutions for the “Average American”, has closed on its $850k Series A funding.
The round was led by Rob Topping and Vintox Fund, LP and David Fisher, James Gray and other former executives of optionsXpress.
The company intends to use the capital to ramp up its marketing and underwriting of its proprietary Future Income eXchange® (FIX) contracts, “equity-like contracts” whereby Cumulus invests funds in clients in exchange for a fixed, agreed-upon percentage of the client’s future income for a fixed period of time.
Founded in 2011 and led by Nathan Popkins, CEO, Cumulus Funding provides financial solutions designed to help clients advance in their careers, or change jobs. The products are linked to (and vary with) the amount of their future wages or salary, for a fixed period of time.