Self Raises $20 Million To Help People Build Their Credit

By Amit Chowdhry ● February 21, 2020
  • Financial technology company Self announced it has raised $20 million in Series C co-led by Altos Ventures and Conductive Ventures

Financial technology company Self announced it has raised $20 million in Series C co-led by Altos Ventures and Conductive Ventures. This round of funding will enable Self to accelerate its company growth by hiring additional members of the team and investing in marketing and product development to improve customer success.

And as consumers set goals for 2020, financial wellness is on the top of their mind as nearly 100 million Americans have a credit score of 600 or lower or cannot be given a score due to a lack of credit information, according to the Financial Health Network. And with a potential recession that could lead to even more credit card debt, it will be essential for consumers to access the right tools to set them on the path to a better financial future.

“Self inspires us with their dedication to helping consumers take control of their financial future,” said Paul Yeh of Conductive Ventures. “Today, it’s imperative to be aligned with partners with a shared vision that is meaningful and delivers change for the greater good.”

With over 500,000 consumers and $400 million in CD-secured loan originations, the company achieved unparalleled growth in the past year by offering a way for consumers to build credit through the Self Credit Builder Account and recently launched Self Visa Credit Card, the first-of-its-kind secured credit card that does not require a credit check and enables customers to build their security deposit in installments rather than having to make a large upfront deposit.

“In every interaction we’ve had with James and his team, we were impressed by their caliber, vision, and most importantly, their mission-driven values. We are very excited and looking forward to Self’s continued success,” added Carey Lai of Conductive Ventures.

Self founder and CEO James Garvey noted that the company’s goal from the beginning was to give the power back to consumers and helps them achieve their financial goals.

“We’re thrilled that with Conductive Ventures’ investment, and the continued support from Altos Ventures and our ongoing investors, we can impact so many more consumers on their journey to financial wellness and stability,” explained Garvey.