Building credit history can be difficult if you are a consumer that is having trouble getting access to credit in the first place.
Enter TomoCredit, which has developed a credit card focused on building credit history for first-time borrowers. The San Francisco-based startup is announcing today that it has raised $10 million in a Series A funding round co-led by Kapor Capital and KB Investment Inc. (KBIC), a subsidiary of South Korea’s leading consumer bank. Lewis & Clark Ventures, AME Cloud Ventures, Knollwood Investment Advisory, WTI, Bronze and Square co-founder Sam Wen also participated in the Series A financing.
The new capital comes just over seven months after TomoCredit raised $7 million in seed funding, and brings its total raised this year to $17 million. The company also announced today it has appointed Ash Gupta, former CRO at American Express, to its board.
TomoCredit co-founder and CEO Kristy Kim came up with the concept for the company after being rejected multiple times for an auto loan while in her early 20s.
Kim, who immigrated to the U.S. from South Korea with her family as a child, was disappointed that her lack of credit history proved to be such an obstacle despite the fact she had a job “and positive cash flow.”
So she teamed up with Dmitry Kashlev, a Russian immigrant, in January of 2019 to create a solution for other foreign-born individuals and young adults facing (Read more...)