Self Lender, a U.S.-based fintech startup that offers Americans a way to build their credit while also saving money, announced on Tuesday it has formed a new partnership with Steady, an income optimization platform created for America’s rapidly growing independent workforce, to provide access to new financial tools.
Self Lender reported the partnership showcases its commitment to laying the foundation for people’s financial journeys through its unique technology, strong t, am and key partnerships. Self Lender also revealed that Steady provides opportunities for people to earn extra income and contribute to their Self Lender credit builder account. While sharing more details about the partnership, James Garvey, CEO of Self Lender, stated:
“Steady is known for its ability to minimize the ebb and flow of income for freelancers and gig economy workers across the nation, and its tool makes for an excellent companion to our efforts. This partnership takes us another step further in reaching our goal of helping the millions of Americans achieve financial stability and peace of mind.”
Adam Roseman, CEO of Steady, added:
“We know our members have a desire to improve their overall financial well-being, and this partnership directly aligns with our mission of bolstering their financial standing. Self Lender helps our members not only build their credit score but also establish important savings habits.”
As previously reported, Self Lender works in three steps:
- Customers get a small credit builder loan that’s held in a CD (certificate of deposit) for safekeeping.
- Customers repay the loan on a monthly schedule while payments are reported to the credit bureaus.
- Once the obligation is paid, the customer has established credit history and the CD unlocks with the customer’s money.
The partnership with Steady comes just a couple of months after Self Lender secured $10 million round of Series B financing, which was led by Altos Ventures with additional participation from Silverton Partners, Accion Venture Lab, and others.