Creditly Corp., dba Credit Genie, a digital personal finance platform that has served more than one million Americans, announced the successful completion of an additional funding round, securing $10 million in capital, “bringing its total financing to $21 million.”
The funding via the investment round was “led by Khosla Ventures, with participation from Tippet Ventures.”
With the new funding, Credit Genie will “expand its product line and hire top talent to scale its innovative approach to behavioral finance, budgeting and cash/credit management.”
Credit Genie’s use of artificial intelligence (AI) and machine learning “helps to revolutionize risk management and personalized budgeting for the financial middle class, providing people with accurate and individualized financial insights that can help improve their financial well-being.”
Credit Genie aims to “help millions of people access efficient credit at fair rates to improve their financial wellbeing.”
The company aims to help millions of consumers “access efficient credit at fair rates, using technology that analyzes diverse data points such as behavior, chat and qualitative indicators.”
The collective analysis identifies “a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods.” The platform also identifies patterns and predicts credit risk, “resulting in more accurate credit scores and better lending decisions.”
Credit Genie founder Ed Harycki said:
“Our mission is to provide accessible financial products and services that help people improve their financial wellness. We aim to provide a more inclusive and fair credit system, regardless of income level or credit history, that empowers people to achieve their financial goals.”
David Weiden of Khosla Ventures said:
“Millions of Americans have a challenge in managing their cash flows to understand how best to leverage their financial situation. Credit Genie’s AI-powered system allows consumers to analyze their cash flow and get financial insights and credit-related services to better manage their households.”
In connection with the latest round of financing, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advance and credit card receivables.
Credit Genie is a mobile financial membership platform “that empowers people to take control of their finances.”
Since its launch in 2022, Credit Genie has engaged “with over 1 million hard-working Americans and has earned its members’ trust by building a full-service digital platform to deliver financial alerts and insights, personalized budgeting, and credit-building solutions.”