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Grow Credit Secures $106 Million To Offer Banks, Apps, Websites, And Employers A Platform To Help Consumers Build Credit And Save On Subscription Payments

Sep 14, 2021•almost 4 years ago

Amount Raised

$106 Million

Santa Monica

Description

Grow Credit, a Black-owned financial inclusion platform, which partnered with MasterCard last year to help consumers leverage their subscription payments to build credit for free on Equifax, Transunion, and Experian, announced today that it has raised a $106.3 million financing seed round, comprised of $6.3 million in equity financing from various investors and $100 million in debt financing from Arena Investors, LP, a $2.6 billion private investment fund.

Company Information

Company

Grow Credit

Location

Santa Monica, California, United States

About

Grow Credit’s innovative credit building service lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual MasterCard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The MasterCard is issued through Sutton Bank and is exclusively designed to pay subscription payments. Grow Credit is based in Santa Monica and was founded in 2018 by financial industry veterans. For more information, visit GrowCredit.com. The Grow Credit Mastercard is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International. Loans under Grow Credit's premium Loan Programs are made by Blue Ridge Bank, N.A., Member FDIC.

Funding Insights

Based on industry data
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