US-based Credit Sesame, a financial wellness platform, has raised USD 51 million to launch AI-driven services that help people gain access to credit and free banking services.

Investors of this financing round include Healthcare of Ontario Pension Plan (HOOPP), Menlo Ventures, ATW Partners, Globespan Capital, IA Capital Group, Inventus Capital, and more. This latest funding paves the way for the company’s growth and expansion, as the press release says.

The latest product and services from Credit Sesame use its consumer data and AI and aim to help close the credit chasm, which affects more than 44 million Americans who are credit invisible and face significant challenges getting into the traditional credit and financial system. 

As a first step to helping close this gap, Credit Sesame has completed the acquisition of Zingo, a fintech software services startup, enabling the company to integrate rent reporting services into its suite of financial wellness offerings in summer 2021.

USing Zingo’s intelligent data platform, Credit Sesame will collect, verify, and report rental payments to the credit bureaus to help consumers establish credit and improve their credit profiles based on their consistent payment history.