Insikt, a San Francisco, CA-based white label lender to underbanked families, closed a $50m Series D funding.
The round, which brings the company’s total funding to $100m, was led by Grupo Coppel, with participation from existing investors First Mark Capital, Revolution Ventures and Colchis Capital.
The company intends to use the funds for further growth in existing and new markets.
Led by CEO James Gutierrez, Insikt leverages data and relationships of its partners to make affordable, credit building loans accessible to underbanked people across America who lack a credit score. Since late 2014, the company has processed more than 325,000 applicants across 30 partners in California, Texas, and Illinois totalling 620 stores and made 125,000 loans.
Insikt also began operating in Arizona last month.