Grow Credit, which is a Black-owned financial platform for credit building, has raised $106.3 million in a seed funding round, according to a press release.
Grow Credit works toward financial inclusion by offering banks, apps, websites and employers a platform to help consumers build credit, the release stated. For corporations and small businesses, the platform cuts down on employee turnover and boosts employee credit scores. It also offers discounts on subscriptions, and the company publishes material every week on financial literacy.
“The funds will be deployed to accelerate our user acquisition effort, including embedding the Grow Credit user experience across banks, apps and websites through our dedicated [software development kit (SDK)],” said Grow Credit CEO and Founder Joe Bayen in the release. “As a result, partners will be able to monetize their audience by offering a financial inclusion solution that builds credit while providing savings on a variety of subscriptions, including cellphone bills.”
The round included investments from returning investors Mucker Capital and Commerce Ventures, with participation from Marqeta CEO Jason Gardner, DraftKings CEO Jason Robins, NBA All-Star Baron Davis, Omaze President Will Kassoy, and Matt Higgins, who is vice-chair of the Miami Dolphins, recurring Shark on ABC’s Shark Tank, co-founder and CEO of private investment firm RSE Ventures and co-owner of VaynerMedia.
Grow Credit partnered with Mastercard last year in an endeavor to help consumers leverage their subscription payments to build credit on Equifax, Transunion and Experian, according to the release. The company released its platform nationwide in November and has seen monthly recurring revenue increase 2,000%.
In other financial inclusion news, Starling is debuting a mobile app for children who have its Kite debit card. The app will be open to children ages 6 to 10 if they get parental permission.