SeedFi, a U.S.-based fintech, has reportedly secured $65 million through its Series A funding round and debt financing. According to Crunchbase News, the company raised $15 million Series A funding and $50 million in debt.
Founded in 2019, SeedFi stated it is building a new generation of financial products for Americans living paycheck to paycheck. The company revealed that its customers include the “most vulnerable” members of society and its products have a “tangible impact” on their financial health, providing lower-cost access to capital and the opportunity to build credit and start saving.
“Having spent the past 10+ years lending to lower-income consumers who need better options, we’re highly attuned to the challenges people face getting access to financial services that leave them in a better place. We aim to change that. Much of what we’re building doesn’t have an existing analogue in the market, so we’re looking to hire exceptionally thoughtful and entrepreneurial people that are inspired by the opportunity to positively affect the financial lives of millions of Americans.”
Crunchbase News further revealed that Andreessen Horowitz led the Series A and was joined by Flourish Ventures, Core Innovation Capital, and Quiet Capital. Jim McGinley, Co-Founder and CEO of SeedFi, stated to the media outlet that the company has raised a total of $69 million in funding. McGinley also noted that the startup intends to use the funding to grow its customer base as it brings its products to market nationally with bank partners. The company will also build out its product suite. McGinley added:
“We are able to show that we have had a positive impact, as well as help people avoid evictions and save more emergencies,” McGinley said. “Our next step is to build out a suite of products, expand nationally and grow.”