Possible, a Seattle, WA-based fintech company, raised $11m in equity funding.
The round was led by Union Square Ventures, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs.
The company, which has also secured $80m in new debt financing from Park Cities Advisors, intends to use the funds to expand the team and to provide additional products for its customers.
Led by Tony Huang, CEO, Possible provides access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products.