Credit Genie Raises $4 Million
A FinTech that helps provide consumers with individualized financial insights has raised a new round of funding.
The funding round:
This week, Credit Genie (which is owned by Creditly Corp.) announced that it had closed a $4 million round. The Series A was led by Tippet Ventures and Khosla Venture while Gabriel Investments also participated. To date, the company has now raised a total of $13.2 million. With the new funds, Credit Genie plans to expand its product line-up as well as grow its team by adding top talent. Meanwhile, along with the Series A, the company has secured a credit facility that will help finance the platform’s cash advance feature.
About Credit Genie:
Credit Genie is a platform that aims to present consumers with better financial data and budgeting advice. Using machine learning and AI algorithms, the company’s tools can help predict creditworthiness and provide more accurate credit score information. As mentioned, as part of its service, it also allows users to borrow up to $100 on demand with no interest. Currently, Credit Genie charges a monthly fee of $2.99 in order for customers to maintain a banking connection and be eligible for these advances.
What they’re saying:
Commenting on the newly-raised funds, Credit Genie founder Ed Harycki stated, “We are thrilled to have the support of such a distinguished group of investors as we work to transform the personalized finance industry. Our mission is to provide accessible financial products and services that help consumers improve their financial wellness.” He added, “The company aims to provide a more inclusive and fair credit system, regardless of their income level or credit history, that empowers individuals to achieve their financial goals.”
Meanwhile, Andy Sheehan of Tippet Ventures said of working with the FinTech, “We believe Creditly Corp’s innovative approach to delivering financial insights and credit-related services has the potential to play a leading role in the mobile financial services space. Their technology has already demonstrated impressive results, and we are excited to support their continued growth and expansion.”
As someone who looks at a lot of FinTech sites, Credit Genie’s isn’t the most exciting I’ve seen. While the company’s press release boasts about a lot of interesting features, its customer-facing page really only highlights the cash-advance element — which is now something offered by a number of platforms and neobanks. Of course, there must be something more to the firm if they’ve managed to attract this new round of investment. Therefore, I’ll withhold my judgment on Credit Genie until they’ve had more time to grow and (hopefully) reach their full vision.