San Francisco-based financial wellness platform Credit Sesame announced Tuesday that it raised $51 million in growth financing. The company has seen its premium subscriptions grow by 200 percent annually and it is clear that investors are taking notice.
Credit Sesame provides users with a way to stay on top of their finances and keep their credit score in check via its mobile app.
After completing a credit profile, app users are provided with personalized tips on how to best manage their credit and loans. Credit Sesame accomplishes this by utilizing its own machine learning and AI capabilities. The platform can provide consumers with advice on things like how to increase their approval odds, lower the cost of their credit or simply save money.
“Creating access to better credit and finance is critical for financial prosperity for consumers in our country, and it’s enlightening to see major banks and the federal government also taking action,” Adrian Nazari, CEO of Credit Sesame, said in a statement.
With the company’s acquisition of Zingo, which it also announced on Tuesday, Credit Sesame is also adding rent reporting services to its platform. The company now has the ability to collect, verify and report rental payments to credit bureaus on behalf of its users.
“The impacts of the past year have only made those needs greater, and through our recent acquisition and fundraising, we are proud to be expanding our platform offerings and leading the charge in opening more doors to financial inclusion and wellness for all,” Nazari said in a statement.
Credit Sesame will use the additional capital to invest in product development as it continues to scale.
The financial wellness platform is continuing to grow rapidly and plans to hire for numerous roles in data science and engineering in the near future. Credit Sesame has more than doubled its headcount since 2018.
The company is currently on the lookout for an analytics manager, UX researcher and compliance analyst to join its team.
Credit Sesame has raised $171.5 million in venture capital financing to date. Additional investors Healthcare of Ontario Pension Plan, Menlo Ventures and ATW Partners participated in the round, among others.