StellarFi Raises $15 Million Series A

StellarFi has raised $15 million in Series A funding following its $7.2 million Seed round in March 2022, bringing total funding to over $22 million.

The funding was led by Acrew Capital with the participation of ATX Venture Partners, Trust Ventures, Dream Ventures, Interplay, Accomplice Ventures, Vera Equity, FJ Labs, Fiat Ventures, Gaingels, Kelmhurst, Oyster Funds, Hilltop Ventures, Permit Ventures, Kindergarten Ventures, J2 Capital, Socially Financed and Kapital Ventures.

StellarFi said it would use the funding to expand its marketplace credit offering and gain new partnerships.

StellarFi is a Fintech that aims to assist underbanked or credit-challenged communities. StellarFi states that around 150 million Americans have credit below 680 – blocking access to various financial services. The company seeks to help individuals build good credit by managing members’ bills and recurring payments such as rent, subscriptions, and utilities, ensuring they get paid on time. StellarFi provides reports directly to large credit bureaus like TransUnion, Experian, etc.

Members can choose a subscription plan starting at $4.99/month, with StellarFi’s “Prime” plan being $9.99/month. StellarFi states that its bill pay system can provide members an average increase of 26 points in the first month while assisting in future improvements to a credit score.

Lamine Zarrad, CEO and founder of StellarFi, said his company has the potential to transform credit building, lending, and loan servicing for lenders and consumers.

StellarFi adds that at the end of 2022, only months after its official launch, the company surpassed $2 million in annual recurring revenue (ARR).

Register Now
Sponsored Links by DQ Promote



Send this to a friend