Credit Builder Kikoff announces its launch with over $42.5 mn in total funding
By Pavithra R
Kikoff, a credit building platform for Millennials and GenZ, has announced its launch with over $42.5 mn in total funds raised.
The firm recently secured a Series B round for $30mn led by Portage Ventures. Its Series A investment round was led by Lightspeed Venture Partners and joined by GGV, Coatue and Core Innovation Capital. Kikoff is also backed by investors, including basketball star Stephen Curry, Wex CEO Melissa Smith and former CFO of the U.S. Department of the Treasury, Teresa Ressel.
With Kikoff’s core product, the Kikoff Credit Account, consumers without a credit history can establish one, and those with credit histories can continue to build credit. Unlike other credit builders, Kikoff is free, with zero interest, providing an easy way to establish credit in 30 days.
“There are many Americans who don’t come from affluent families and have tons of student loan debt. For them and so many others, we wanted to create a better way to build good credit than existing offers in the market. We’re gratified to be able to introduce this foundational tool that can help put customers on a path to financial health,” said Cynthia Chen, Co-founder and CEO of Kikoff.
By using the Credit Account, within months, Kikoff customers can become eligible for competitive credit cards, better interest rates, and home mortgages, among other things.
“Establishing and building credit are the keys to accessing the financial system in the U.S., yet the on-ramps are completely broken for millions of Americans. Kikoff is solving a critical problem for consumers in the early part of their financial journey. We’re excited to continue partnering with them as they grow the platform and offer more innovative products that enable better introductions to the financial system and help people reach their financial goals,” said Ansaf Kareem, Partner at Lightspeed.
According to Kikoff, Credit building tools are the beginning of its financial wellness platform. The Kikoff Credit Account is an initial product as part of a larger planned financial ecosystem. The company is committed to helping customers across their entire financial journeys and creating an easy and positive banking relationship: from stabilizing cash flows, to accumulating savings, and building towards long term goals such as a mortgage. The firm plans to use the newly raised funds to build out its technology and team, across all function areas to bring new products to market.
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January 28, 2022
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