TomoCredit, a U.S.-based fintech that offers a credit card that’s designed to build a credit history for first-time borrowers, announced on Thursday the launch of TomoCredit Mastercard, a high limit offering that does not require FICO or soft or hard inquiries to apply. The launch of the TomoCredit Mastercard comes less than two months after TomoCredit secured $7 million through its seed funding round, which included participation from KB Investment Inc. (KBIC), a subsidiary of South Korea’s leading consumer bank, Kookmin Bank, along with Barclays, Knollwood Investment Advisory, BAM Ventures, Passport Capital, Ulu Ventures, and Strong Ventures.
As previously reported, TomoCredit describes itself as a next-generation credit card, catering to young adults, international working professionals, students, and immigrants looking to build a better financial future in the U.S. The company revealed it processes millions of dollars in transactions monthly and is FDIC-insured through its partner bank, Community Federal Savings Bank.
“TomoCredit provides credit to the millions of individuals that lack a credit score; most commonly young adults or internationals. Consumers early in their credit history can use TomoCredit to help boost credit scores and position themselves well as qualified candidates for mortgages, auto loans and lower insurance rates.”
TomoCredit reported that with no fees and 0% APR, the TomoCredit Mastercard offers consumers access to credit and the ability to effectively build healthy financial habits. Kristy Kim, CEO of TomoCredit, stated:
“Young consumers have been reluctant to open new credit cards due to fears of missing payments and overspending. TomoCredit is different, we help them avoid common credit card mistakes and build healthy financial habits.”
Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, added:
“TomoCredit is meeting a critical need faced by so many in the United States with this next generation credit offering. By tapping Mastercard’s network and embracing Finicity’s powerful platform, TomoCredit is reimagining how consumers build and manage their financial habits.”