FS Card Inc., a Washington, DC-based financial services company focused on underserved consumers, raised $150m in financing.
The names of the backers were not disclosed.
The company intends to use the proceeds to expand its growth efforts.
Led by Founder and CEO Marla Blow, FS Card credit provides a card platform that leverages credit, capital markets and regulatory expertise and proprietary machine learning algorithms to supply affordable products to small-dollar loan customers.
The Build Card’s customer engagement strategy is based on behavioral principles — nudges, incentives and rewards — that encourage cardholders to improve their credit by paying off their debt faster and avoiding delinquency.