Fintech company, Esusu, has raised $130m in its series B funding round.
The company, which is based in the United States, has positioned itself as a giant at providing rent reporting and data solutions for credit building for minorities and immigrants in the US.
The investment round was led by Softbank Vision Funds 2. Further participations came from investors like Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies and Wilshire Lane Capital.
Co-founded by Nigerian-born American – Abbey Wemimo (also doubles as CEO), and Indian-American Samir Goel, the startup said the funding would be used to scale its team and drive growth through product innovation, and also build the most comprehensive financial health platform in the market.
The company added that it would use the funding to triple its employees and “turbocharge growth through product innovation, and build the most comprehensive financial health platform in the market.”
Esusu was founded in 2018 by two co-founders who grew up in immigrant homes and experienced firsthand this financial exclusion.
“We founded Esusu with the vision of using data to bridge the racial wealth gap and create more equitable financial opportunities for low-to-moderate-income households in this country. By establishing and improving credit scores, we are strengthening financial identities while empowering individuals, families, and communities to meet their long-term financial goals,” the co-founders said in a joint statement.
By this investment round, Esusu has reached a valuation of $1 billion. The company has also attained the Unicorn status, making it one of few black-owned companies to reach that status.
Other black-owned unicorn companies include the US-based scheduling app Calendly, UK-based fintech company, Zepz; digital insurance startup Marshmallow, as well as African-based fintech companies, Flutterwave, Chipper Cash, and Interswitch.