Self Financial secures $40 mn in Series D led by Meritech Capital
By Pavithra R
Self Financial (formerly Self Lender), a venture-backed fintech startup enabling consumers to build credit and savings has announced the close of a $40 mn round of Series D financing, led by Meritech Capital.
The investment round saw participation from existing investors, including Altos Ventures, Conductive Ventures and Silverton Partners. The new finance brought the company’s total to $77 mn.
“Self is addressing a systemic problem of financial inequality in the right way. It has built the technology while maintaining low operating costs to be able to offer accessible products and building lasting relationships with its customers. Meritech invested in Self because it has a proven and powerful business model, but we believe in the company because it empowers people to steadfastly achieve their goals and dreams,” said Max Motschwiller, general partner at Meritech.
Founded in 2015, Self is helping thousands of people begin their financial journey with a Credit Builder Account. The firm provides tools for its customers geared toward building positive behaviours such as on-time payment history and responsibly using credit; and long term success, working in partnership with its issuing banks. Its Self Credit Builder Account enables consumers to tackle both credit and savings simultaneously without requiring a hard credit inquiry or credit history. The Self Visa Credit Card is a secured credit card that doesn’t require a credit check and provides existing Self customers with the ability to build their security deposit in installments rather than a large upfront deposit.
The FinTech is planning to use the Series D financing to fuel its ability to reach, and best serve its customers, enabling them to build credit and build savings amidst the economic challenges of the COVID-19 pandemic.
“Despite increased adversity, this year we’ve seen demand for our products increase as people look to get control of their finances where possible. Fortunately, we also see our customers keeping their commitment to themselves by sticking to their plans. The latest infusion of capital from Meritech and our other investors means that Self can continue its mission to support our customers on their journey to build credit and savings and be financially healthy,” said James Garvey CEO and founder at Self Financial.
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