back Back

Upwardli raises $2m in series seed funding round

By Leandra Monteiro

February 03, 2023

  • Dundee Venture Capital
  • Funding
  • Upwardli
Share

UpwardliUpwardli, a financial technology company offering credit building products for consumers new to credit, announced a $2 million Series Seed funding round.

The round was led by Dundee Venture Capital, with participation from Techstars, J4 Ventures, Cascade Seed Fund, Avesta Fund, Temerity Capital Partners, Service Provider Capital, and notable angel investors.

With this funding, Upwardli will hire additional staff, add features to boost credit scores faster and expand its partnerships with financial institutions to embed its credit builder solutions into their own product experiences.

Nearly 50 million Americans lack a credit score, according to the Consumer Financial Protection Bureau, a problem that disproportionately impacts those newly arrived to the country and the emerging Gen Z. Without established credit, these consumers are often unable to access basic financial services, from credit cards to car loans.

“The lack of established credit created barriers to accessing needed financial services,” said Aaron Gregory, Upwardli, co-founder and CEO. “For credit-based products, it’s a total mess. Our credit system creates a chicken-and-egg problem that exacerbates these barriers and penalizes those just starting their financial life.”

According to the company, consumers frequently experience a cycle of painful credit rejections that leaves without a clear path to reach their financial goals. Upwardli aims to change this. “We’re an onramp into the credit mainstream for millions of consumers that are traditionally overlooked and undervalued,” said Gregory.

The company’s next-generation credit building solution enables customers without a social security number or a U.S. credit file to quickly establish and build their U.S. credit score, progressively unlocking access to a range of financial products. Offered in partnership with Cross River Bank and incorporating a suite of banking services, Upwardli’s Credit Builder Plus product launched in November 2022.

“Upwardli is an excellent example of an innovative fintech company leveraging data and technology to deliver much-needed financial services for underserved populations,” said Catherine Williams, Principal at Dundee Venture Capital. “Their inclusive credit builder product is already unlocking access to credit for creditworthy individuals across the country. Paired with their unique data and product capabilities, Upwardli is poised to deliver innovative credit products to customer segments where existing solutions are unavailable or prohibitively expensive.”

Previous Article

February 03, 2023

Nuvei and Le Panier Bleu partner to improve payments on its marketplace platform in Quebec

Read More
Next Article

February 03, 2023

Unbanked and Mastercard partner to boost crypto card adoption in Europe

Read More








IBSi Daily News Analysis

March 22, 2024

Dundee Venture Capital

Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

GLN International & AUB to expand QR payment network to the Philippines

Read More

Today

HID & Santander team to secure mobile banking with authentication technology

Read More

Today

SCAP and Zwipe partner to bring biometric access cards to France

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023