Possible Finance gets funding, launches 2 products

Wednesday 4 May 2022 11:01 CET | News

US-based Possible Finance, a fintech that offers financial services for underserved consumers, has announced an additional USD 20 million in equity funding.

In addition, the company announced the launch of their new credit card and cash advance products – Possible Card and Possible Cash. These products build on Possible's first product, the Possible Loan – a short-term, small-dollar instalment loan designed to help the American adults who struggle to access affordable credit and fall victim to predatory lending practices.

The Possible Card is not a traditional credit card with interest charges or penalty fees. Instead, Possible built a card designed to protect members from mounting debt and improve long-term financial habits. It is an unsecured credit card with no interest or late fees and a 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, a 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 reach more underserved consumers who need quick and affordable access to capital without jeopardizing their progress toward long-term financial health, the company hopes.

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Keywords: funding, product launch, credit scoring, fintech, credit card, unbanked
Categories: Banking & Fintech
Companies: Possible Finance
Countries: United States
This article is part of category

Banking & Fintech

Possible Finance

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