Based in Los Angeles, SoLo Funds is a fintech company that provides an alternative to payday lenders. The black-owned peer-to-peer lending platform connects borrowers in need of short-term loans with lenders willing to offer small sums of money, typically under $1000, for a limited time. SoLo Funds doesn’t take any commission and the only profit they make is through “administration donation” from the users.
Since the relaunch in 2020, the company has grown to nearly 100 employees, one million users, and has processed over 600,000 loans. According to a company statement, the value of loans exceeds $300 million.
The company has closed multiple funding rounds, the latest being a seven-figure investment from Serena Ventures. Investors like ACME Capital, Impact America Fund, Techstars, Endeavor Catalyst, CEAS Investments, West Ventures, Taavet Hinrikus of TransferWise, Jewel Burks Solomon of Google Startups, Zachary Bookman of OpenGov, Richelieu Dennis of Essence Ventures, and tech innovation accelerators participated in various funding rounds.
2023 • Series A
SoLo Funds is a financial service provider enabling a marketplace where members can request and fund emergency needs.
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