Creditly Corp., dba Credit Genie, a Plymouth Meeting, Pa-based provider of a digital personal finance platform, raised $10M in funding.
The round, which brought the total amount to $21M, was led by Khosla Ventures, with participation from Tippet Ventures. In connection with the latest round of financing, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advance and credit card receivables.
The company intends to use the funds to expand its product line and hire talent to scale its innovative approach to behavioral finance, budgeting and cash/credit management.
Founded by Ed Harycki, Credit Genie is a mobile financial membership platform that empowers people to take control of their finances. Since its launch in 2022, it has engaged with over 1 million Americans through a full-service digital platform to deliver financial alerts and insights, personalized budgeting, and credit-building solutions. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalized tips and products to build and improve their credit.
The technology analyzes diverse data points such as behavior, chat and qualitative indicators. The collective analysis identifies a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods. The platform also identifies patterns and predicts credit risk, resulting in accurate credit scores and lending decisions.
FinSMEs
22/10/2023