Creditly Corp. (dba Credit Genie) – a digital personal finance platform that has helped more than one million Americans – announced recently that it had raised $4 million in Series A financing. This funding round was led by Tippet Ventures and Khosla Ventures with participation from Gabriel Investments. And Credit Genie’s innovative use of artificial intelligence (AI) and machine learning helps to revolutionize risk management and personalized budgeting for the financial middle class, providing them with accurate and individualized financial insights that can help improve their financial well-being.
With the new funding round, Credit Genie will expand products and hire top talent to scale its innovative approach to behavioral finance, budgeting, and cash/credit management. And the company aims to help millions of consumers access efficient credit at fair rates, using cutting-edge technology that analyzes diverse data points such as behavior, chat, and qualitative indicators. Plus this collective analysis identifies a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods.
Credit Genie’s mobile platform is delivering financial insights and credit-related services that use personal transaction data instead of traditional credit data to extract financial intents and desires behind the transactions. And by doing so, it provides a more comprehensive view of creditworthiness. The platform also utilizes home-grown machine learning and AI algorithms as well as “Open AI” for identifying patterns and predict credit risk, resulting in more accurate credit scores and better lending decisions. In connection with the Series A financing, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group, to help it finance its cash advance and credit card receivables.
KEY QUOTES:
“We believe Creditly Corp’s innovative approach to delivering financial insights and credit-related services has the potential to play a leading role in the mobile financial services space. Their technology has already demonstrated impressive results, and we are excited to support their continued growth and expansion.”
— Andy Sheehan of Tippet Ventures
“We are thrilled to have the support of such a distinguished group of investors as we work to transform the personalized finance industry. Our mission is to provide accessible financial products and services that help consumers improve their financial wellness. The company aims to provide a more inclusive and fair credit system, regardless of their income level or credit history, that empowers individuals to achieve their financial goals.”
— Founder Ed Harycki
