Credit Sesame raises $51 million to expand financial wellness platform and launch groundbreaking innovations that will help close the credit chasm

SAN FRANCISCO, June 8, 2021 / PRNewswire / – Credit Sesame, a financial wellness platform, announced today that it has added $ 51 million in growth capital to introduce breakthrough AI-powered services that provide millions of people with easy access to credit and free banking services to help them meet their financial goals. The company is entering this next phase of growth with significant business momentum as it outperforms more than a million Sesame Cash debit account customers and exceeds 200 percent annual growth in premium subscription services in less than a year from beta launch.

Leveraging its significant consumer data and AI, the latest Credit Sesame product and service innovations aim to bridge the credit gap affecting more than 44 million Americans who are credit invisible and facing major challenges in traditional credit and banking To join the financial system.

As a first step in closing this void, Credit Sesame completed the acquisition of Zingo, a fintech software services start-up, which will allow the company to integrate rental reporting services into its suite of financial wellness offerings in the summer of 2021. Nearly 80 percent of its 15 million members are renters, and this new offering provides the company with significant growth opportunity and financial inclusion for its customers. Using Zingo’s intelligent data platform, Credit Sesame collects, reviews and reports rental payments to credit bureaus to help consumers borrow and improve their credit profile based on their consistent payment history.

Later this year, Credit Sesame is introducing a unique feature that will allow consumers to use their cash to easily build and improve their credit profile without a credit check. Consumers will have a unique opportunity to bring their cash and credit together to build a strong credit and financial foundation and see an actionable pathway leading to financial health and stability. This will open the doors to financial inclusion for millions who are struggling to enter the credit system for the first time and help others build credit faster.

“Providing access to better credit and finance is critical to the financial prosperity of consumers in our country, and it is instructive to see big banks and the federal government taking action too,” said Adrian Nazari, CEO of Credit Sesame. “The impact of last year only exacerbated those needs, and with our recent acquisitions and fundraising, we are proud to expand our platform offering and take responsibility for opening more doors to financial inclusion and wellbeing for all.”

The demand and the market for a comprehensive financial wellness platform are great. With the new additions to Credit Sesame’s services and insights into the credit and cash situation of consumers, the company will further optimize proposals for relevant financial measures and instantly pre-qualify consumers for various products from over a hundred financial institutions within Credit Sesame’s extensive network.

With Credit Sesame’s growing capabilities, the company has more than doubled its workforce since 2018. The company continues to grow rapidly, especially in the areas of data science and engineering.

Investors in this funding round include Healthcare of Ontario Pension Plan (HOOPP), Menlo Ventures, ATW Partners, Globespan Capital, IA Capital Group, Inventus Capital, and more. This latest financing paves the way for the company’s rapid growth and expansion.

“Credit Sesame brings consumers the latest financial tools and helps them improve their financial health,” said Shrirang Apte, SP, credit, HOOPP. “This investment in the fast-growing Credit Sesame was an attractive opportunity to grow the HOOPP fund for the benefit of our members. We are therefore excited to contribute to Credit Sesame’s next phase of growth as it continues to expand.”

Credit Sesame is operationally profitable, and this is the additional funding it will require to propel its latest growth. The company’s success rests on the value millions of consumers have received from its free platform over the past few years. 61 percent of customers see an improvement in their creditworthiness within the first six months, 50 percent an improvement in their creditworthiness by more than 10 points in the first six months and 20 percent an improvement in their creditworthiness by more than 50 points in the first half of six months.

About credit sesame
Credit Sesame’s mission is to use the latest technology, AI and analytics to help consumers achieve better financial health and stability, and create better opportunities for themselves and their families. Credit Sesame has helped millions of consumers improve their credit scores, increase their chances of getting approved, lower their borrowing costs, and save money. Strong credit leads to better financial health and stability, and with Sesame Cash, the company helps accelerate consumer credit and financial wellbeing in one place. Credit Sesame is funded by leading institutional and strategic investors. It currently operates in the US and Canada. For more information on Credit Sesame, please visit and follow on Facebook, Twitter and LinkedIn.

Media contact:
Nicole Newby
[email protected]

SOURCE Credit Sesame

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