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SoLo Funds Regulatory Resolution

May 8 2023

SoLo Funds Successfully Resolves Regulatory Dispute, Set to Re-enter District of Columbia Market

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Kyle George, Head of Regulatory Affairs at SoLo Funds, announced a significant milestone for the company, having reached an agreement with the District of Columbia’s Office of the Attorney General. As the largest community finance platform in the US, SoLo faced regulatory scrutiny based on misunderstandings about its mission and business model.

The agreement, which comes without any admissions of wrongdoing, provides a clear path for SoLo to resume its offerings for District of Columbia residents. In collaboration with the Attorney General’s Office, SoLo has already begun efforts to comply with the terms of the agreement. George expressed gratitude for the due process provided and appreciated the spirit of innovation demonstrated by the District of Columbia’s Office of Attorney General in finding a resolution.

George extended special thanks to District of Columbia Attorney General Brian L. Schwalb, his staff, and SoLo’s advisors, including Manny Alvarez, former Banking Commissioner of California. SoLo appointed three strategic additions to its legal and regulatory leadership team to provide senior counsel: Collin Schwartz as General Counsel, Kyle George as Head of Government & Regulatory Affairs, and Manny Alvarez as Advisor.

This resolution marks a victory for SoLo’s model of community finance, which aims to offer borrowers access to small-dollar, short-term capital while allowing investors to support their communities and grow their finances. SoLo’s platform is especially crucial in the District of Columbia, where many residents live paycheck to paycheck with limited savings.

The company has experienced significant growth since pausing its operations voluntarily in the District of Columbia in 2021. Over one million users have signed up for the platform, funding more than 800,000 loans and achieving a 93% repayment rate and a Net Promoter Score (NPS) of 90.

As the only Black-owned Certified B Corp fintech in the US and Canada, SoLo’s vision of community finance is powered by people. With the milestone of one million users reached, the company is eager to allow DC residents to borrow and lend once again.

 

 

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Kyle George

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