Kikoff raises $42M in Funding

Kikoff, a San Francisco CA-based provider of a credit building platform, raised $42M in funding.

The company recently secured a Series B round for $30M led by Portage Ventures. Its Series A was led by Lightspeed Venture Partners and joined by GGV, Coatue and Core Innovation Capital. Kikoff is also backed by investors including basketball star Stephen Curry, Wex CEO Melissa Smith and former CFO of the U.S. Department of the Treasury, Teresa Ressel.

The company intends to use the funds to build out its technology and its team, across all function areas, to bring new products to market.

Led by Cynthia Chen, Co-founder and CEO, Christophe Chong, Co-founder and Chief Technology Officer, Kikoff provides a credit building platform for Millennials and GenZ. Its signature product, the Kikoff Credit Account, helps consumers without a credit history to establish one and those with credit histories to continue building credit. It is free, with zero interest, providing a way to establish credit in 30 days. Customers apply for a $500 revolving line of credit which helps to build credit history much like a credit card, allowing purchases at Kikoff’s online store. By using the Credit Account, within months, customers can become eligible for better interest rates, competitive credit cards and home mortgages, among other things.

The Kikoff Credit Account is an initial product as part of a larger planned financial ecosystem. The company is committed to helping customers across their entire financial journeys and creating a banking relationship, from stabilizing cash flows, to accumulating savings, and building towards long-term goals such as a mortgage.

FinSMEs

04/07/2021