Possible Finance: $20 Million in Equity Financing and New Executive Hires Will Support Continued Growth
Possible Finance (Possible), the mission-driven fintech company that offers life-changing financial services for underserved consumers, announced today an additional $20 million in equity funding, key executive hires and the launch of their new credit card and cash advance products – Possible Card and Possible Cash. These products build on the success of Possible’s first product, the Possible Loan – a short-term, small-dollar installment loan designed to help the one in three American adults who struggle to access affordable credit and fall victim to predatory lending practices. Currently available in 21 states, Possible has provided over 1.65 million small-dollar loans to over half a million customers since 2019.
The Possible Card is not a traditional credit card with interest charges or penalty fees. Instead, Possible built a revolutionary card designed to protect members from mounting debt and improve long-term financial habits. It is the only unsecured credit card on the market with no interest or late fees – ever – and just one simple flat monthly fee. Designed specifically for those undervalued by the current financial system, Possible Card does not require a credit score check for approval and utilizes Possible’s existing proprietary cash-flow credit risk technology. The company also announced Possible Cash, the first and only cash advance offering that gives customers the opportunity to qualify for an unsecured credit card. Customers who build successful track records of repayment on Possible Cash will be automatically pre-approved for a Possible Card. These offerings will allow Possible to expand nationwide and to reach more underserved consumers who need quick and affordable access to capital without jeopardizing their progress toward long-term financial health.
“We started Possible to help people break the debt cycle caused by predatory financial products while also building up their credit history,” said Tony Huang, Co-Founder and CEO of Possible Finance. “When we realized many of our customers escaped the payday debt cycle only to jump right into a similar trap caused by credit card debt, we knew Possible could offer a better solution. Existing credit card companies work just like payday lenders – they profit by intentionally lending to vulnerable consumers knowing they won’t be able to make timely payments. To reimagine the credit card, our team applied the same principles, data and technologies we built for the Possible Loan. I am excited to bring the Possible Card to underserved consumers who desperately need a better option.”
Today, Possible also announced it has raised $20 million in new equity funding to fuel growth and expand its team. This round includes existing investors Union Square Ventures, Canvas Ventures and Unlock Venture Partners, as well as new investor Euclidean Capital. Possible has also recently partnered with Coastal Community Bank, Member FDIC, to accelerate the development and scale access to these critical new products. The bank partnership with Coastal is a critical component of Possible’s growth strategy, enabling the company to design and build more innovative products at scale.
“Possible has built the foundations of a very special consumer brand that can reset the current misalignment of economic incentives between financial services providers and their lower-income customers,” said John Buttrick, Partner at Union Square Ventures, about the firm’s reasons for doubling down on the Possible team. “We continue to be excited by Possible’s innovative approach to expand product offerings. And we are delighted to welcome the Euclidean Capital team on this journey with us.”
Possible has expanded the company’s leadership team to include former Venmo Head of Marketing, Kevin Platshon, as Chief Marketing Officer; former Capital One Senior Credit Officer and Genesis Financial Risk leader, Ellen Falbo, as Chief Credit Officer; and former president of Credit Sesame, Jesse Levey, as Chief Product Officer.