U.S. fintech Self Financial announced on Tuesday it secured $40 million through its Series D investment round, which was led by Meritech Capital with participation from Altos Ventures, Conductive Ventures, and Silverton Partners. According to Self, the investment round brings its total funds to $77 million and comes on the heels of its $20 million Series C investment in February.
Founded in 2015, Self (formerly Self Lender) describes itself as a venture-backed fintech startup with a mission to help people build credit, particularly those who are new to credit or who might not have access to traditional financial products.
“Self provides tools for its customers geared toward building positive behaviors (such as on-time payment history and responsibly using credit) and long-term success, working in partnership with its issuing banks. With the Self Credit Builder Account consumers simultaneously tackle both credit and savings without requiring a hard credit inquiry or credit history. The Self Visa® Credit Card is a unique secured credit card that doesn’t require a credit check and provides existing Self customers the ability to build their security deposit in installments rather than a large upfront deposit.”
Speaking about the investment, Max Motschwiller, General Partner at Meritech, stated:
“Meritech invested in Self because it has a proven and powerful business model, but we believe in the company because it empowers people to steadfastly achieve their goals and dreams.”
Self Co-Founder and CEO, James Garvey, added:
“Despite increased adversity, this year we’ve seen demand for our products increase as people look to get control of their finances where possible. Fortunately, we also see our customers keeping their commitment to themselves by sticking to their plans. The latest infusion of capital from Meritech and our other investors means that Self can continue its mission to support our customers on their journey to build credit and savings and be financially healthy.”
The investment round’s funding will continue to fuel Self’s ability to reach and best serve its customers, enabling them to build credit and build savings even amidst the economic challenges of the COVID-19 pandemic.