Austin-based Self Raises USD 20 Million in Series C Round of Financing

By StartUp City | Monday, March 02, 2020

Self currently has over 500,000 customers and over USD 400 million in CD-secured loan originations. The company has been able to achieve unparalleled growth in the past year by offering customers the option to build credit through the Self Credit Builder Account and the recently launched Self Visa Credit Card.

FREMONT, CA: Fintech startup Self raised USD 20 million in its Series C round of financing co-led by Altos Ventures and Conductive Ventures. The Austin-based startup offers people a solution to build their credit and at the same time, save money. The new funds will be used towards the acceleration of growth by hiring additional members of the team and investing in marketing and product development to improve overall customer success. Led by James Garvey, founder and CEO, Self is focused on enabling people to build credit and savings.

“Our goal from the beginning was to create a mission-driven company that gives the power back to consumers and helps them achieve their financial goals,” said James Garvey, founder and CEO at Self. “We’re thrilled that with Conductive Ventures’ investment, and the continued support from Altos Ventures and our ongoing investors, we can impact so many more consumers on their journey to financial wellness and stability.”

Self currently has over 500,000 customers and over USD 400 million in CD-secured loan originations. The company has been able to achieve unparalleled growth in the past year by offering customers the option to build credit through the Self Credit Builder Account and the recently launched Self Visa® Credit Card. The newly launched platform is the first of its kind secured credit card which does not require a credit check and allows customers to build their security deposit in installments instead of having to deposit a substantial amount upfront. This is essential in an environment where 41 percent of Americans are unable to cover an emergency medical expense.

“Self inspires us with their dedication to helping consumers take control of their financial future,” said Paul Yeh of Conductive Ventures. “Today, it’s imperative to be aligned with partners with a shared vision that is meaningful and delivers change for the greater good.” According to a recent study by the Financial Health Network, nearly 100 million Americans have a credit score of under 600 or are not eligible to a credit score due to the lack of credit information. Combined with a potential recession that may lead to higher credit card debt makes it essential for consumers to be able to access the right tools for a sound financial structure.

"In every interaction, we've had with James and his team, we were impressed by their caliber, vision, and most importantly, their mission-driven values. We are very excited and looking forward to Self’s continued success,” said Carey Lai of Conductive Ventures.

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