Possible pupil of the B series and moves entirely from a distance
SEAT, 20 october 2020 / PRNewswire / – Possible increases $ 11 million in new equity financing to expand the team and provide additional products to its clients. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom williams, and FJ Labs. The company also obtained $ 80 million in new debt financing from Park Cities Advisors.
In addition, the company is now fully remote and has recently integrated software engineers from the United States and around the world. Possible is committed to distributing work and actively recruiting for a number of other remote roles.
Possible offers user-friendly access to capital and an easy way to create credit for people who would otherwise get a payday loan or face bank overdraft fees. The company uses real-time financial data, rather than a credit score, to qualify customers and deliver funds instantly through its itunes and Android applications. Unlike payday loans or overdraft fees, possible loans are repaid in small installments over multiple pay periods to allow clients to catch their breath. By reporting on-time payments to credit bureaus, Possible enables its clients to build credit histories and potentially qualify for cheaper, longer-term financial products. On average, customers with poor credit scores increase their score by 70 points in 4 months.
Tony huangSays the CEO of Possible: “So many people who live paycheck to paycheck can’t afford to build up a credit history. We are helping them do it for the first time while offering them a smaller loan that is more user-friendly and more affordable ”.
Since launch in june 2018, Possible has provided loans to hundreds of thousands of customers, helping meet short-term cash flow needs while building a credit history or establishing first-time credit. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills this gap and provides financial access to those who need it most while empowering them.
Gillian munson, a partner at Union Square Ventures, explains the thesis behind their new investment: “Through technological innovation, data-driven insight, and customer focus, Possible is on track to win hearts and minds. minds of consumers and regulators. , and build a lasting trust mark. ”
A 2019 Experian study shows that 34.8% of consumers are subprime and cannot access money when they need it. They pay 106 billion dollars in punitive charges each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there have been a number of new tech products in this space, most lead to similar debt cycles and fail to address the more difficult problem of improving long-term financial health. This is where Possible comes in.
Since the business is now entirely remote, Possible is actively recruiting talent across the globe. Tyler, CTO of Possible, explains: “Being fully distributed gives us access to the talent pool around the world. join us in achieving our mission. ”
Possible is a financial technology company based in Seattle, Washington. The company offers customers a more user-friendly and easier way to access capital while building a credit history and improving long-term financial health.
About Union Square Ventures
Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages more $ 1 billion capital in seven funds and concentrates its investments in portfolio companies with the potential to transform important markets.
About Park Cities Advisors LLC
Park Cities Advisors LLC (“PCA”) is an SEC-registered, private alternative credit manager based in Dallas, Texas. PCA focuses on private lending in the specialty finance and FinTech industries and provides debt capital to companies in various industries through asset finance transactions.
SOURCE Funding possible