TomoCredit, the US startup behind a bank card designed to assist first-time debtors construct credit score historical past, has raised $22 million in a Sequence B funding spherical joined by Morgan Stanley’s Subsequent Stage Fund and Mastercard.
Feminine, immigrant-founded TomoCredit is focusing on the 40 million credit-invisible immigrants and worldwide college students with no credit score historical past within the US.
Powered by Mastercard-owned open banking participant Finicity, the agency’s proprietary underwriting algorithm identifies excessive potential debtors with out a credit score rating. It then provides a bank card that requires no credit score test, no deposit, no APR, and no charges.
With the brand new funding in place, the startup is ready to broaden into auto loans and mortgages.
Kristy Kim, COE, TomoCredit, says: “As a first-generation South Korean immigrant, I needed to assist immigrant communities to achieve their American Dream quicker with TomoCredit.”