Grow Credit, a Santa Monica CA-based financial inclusion platform, raised $106.3M in Seed funding.
The round includes:
- $6.3m in equity financing from Mucker Capital, Commerce Ventures, Marqeta CEO Jason Gardner, DraftKings CEO Jason Robins, Baron Davis, Omaze President Will Kassoy, Matt Higgins, Blue Ridge Bankshares Inc. (NYSEAM: BRBS), BillGO, Plaid’s Head of Platform & Growth Carl Tremblay, and Truebill founders Yahya and Haroon Mokhtarzada, and
- $100m in debt financing from Arena Investors.
Additional investors include Sebastien Deguy, SVP of 3D at Adobe, TriplePoint Capital, Progression Fund, Tamim Mourad, and Husam Nazer, founder at PG Ventures, Bayview Capital, Northbay Solutions, Florida Funders, Omar Soliman, founder at College Hunks Moving, Pete Kight, founder at CheckFree, and Ted Koenig, CEO at Monroe Capital.
The company intends to use the funds to leverage the BillGO platform and biller network to enhance its offering.
Led by Ronnie Lott, Jason Gardner, Jason Robins, Joe Bayen, Baron Davis, and Yasi Samimi, Grow Credit provides a credit building service that lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual MasterCard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus.
Grow has already partnered with several banks, including Blue Ridge Bank, Sutton Bank, and MRV Banks.
The MasterCard is issued through Sutton Bank and is exclusively designed to pay subscription payments.