Self Financial, a fintech company that aims to help consumers build credit and savings at the same time, announced today it has raised $50 million in Series E funding.
Altos Ventures led the financing, which also included participation from Meritech Capital and Conductive Ventures and brings the Austin-based startup’s total raised to $127 million since its 2015 inception.
The company, as many fintechs these days, aims to make building credit and savings more accessible, regardless of a person’s financial history. It requires no hard credit check to get started.
“We’ve been focused on delivering high-quality, low-cost products that help with mainstream credit access,” said Self founder and CEO James Garvey.
Today, Self Financial has 200 employees, up from about 80 at the beginning of this year. The startup, which was initially founded in California but relocated to Austin after participating in the Techstars program in the city, plans to do more hiring with its new capital.
Garvey declined to reveal hard revenue figures, saying only that Self is going to do “nine figures” of revenue this year, about 2x compared to 2020. Self’s active customer base has more than doubled in the past 12 months to about 1 million today. Over time, it has served more than 2 million customers.
The fintech’s flagship product, he said, is basically secured installment loans, or small-dollar loans with a deposit account that has a CD (certificate of deposit) connected to it.