Credit Genie raises $10m to expand Behavioral & Personalized finance offering

By Gloria Mathias

Credit Genie, a digital personal finance platform, has announced the successful completion of an additional funding round, securing $10 million in capital, bringing its total financing to $21 million.

The funding was led by Khosla Ventures, with participation from Tippet Ventures. With the new funding, Credit Genie will expand its product line and hire talent to scale its innovative approach to behavioural finance, budgeting, and cash and credit management.

Credit Genie’s use of artificial intelligence (AI) and machine learning helps to revolutionise risk management and personalised budgeting for the financial middle class, providing people with accurate and individualised financial insights that can help improve their financial well-being.

The company aims to help millions of consumers access credit at fair rates, using technology that analyses diverse data points such as behaviour, chat, and qualitative indicators. The platform also identifies patterns and predicts credit risk, resulting in more accurate credit scores and better lending decisions.

“Our mission is to provide accessible financial products and services that help people improve their financial wellness,” said Credit Genie founder Ed Harycki. We aim to provide a more inclusive and fair credit system, regardless of income level or credit history, that empowers people to achieve their financial goals.”

“Millions of Americans have a challenge managing their cash flows to understand how best to leverage their financial situation,” said David Weiden of Khosla Ventures. “Credit Genie’s AI-powered system allows consumers to analyse their cash flow and get financial insights and credit-related services to better manage their households.”

Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advances and credit card receivables.

The firm is a mobile financial membership platform that empowers people to take control of their finances. From a single app, members can get a 360-degree snapshot of their financial lives and have access to personalised tips and products to build and improve their credit.

Credit Genie is comprised of veteran banking and payments professionals determined to build products and services that are better suited for consumers who are often overlooked by mainstream banks.