Possible, a U.S.-based fintech startup, announced on Tuesday it secured $11 million through its Series B funding round, which was led by Union Square Ventures with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company also reported it has secured $80 million in new debt financing from Park Cities Advisors.
Founded in 2017, Possible stated that its mission is to bring financial fairness to underserved communities by providing the financial tools to overcome day-to-day challenges, protect in an emergency, and build towards a better financial future.
“Through our mobile app, Possible Finance provides a friendlier alternative to payday loans that’s less expensive, easier to repay, and builds credit. Applying takes under a minute and anyone can apply since there is no credit check.”
Tony Huang, Possible’s CEO further explained the company’s services by noting:
“So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”
Speaking about the investment round, Tyler, Possible CTO, shared:
“Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”
Funds from the funding round will be used to continue the development of Possible’s platform.