US-based fintech startup TomoCredit has secured USD 22 million in a Series B funding round, at a valuation of USD 222 million, and USD 100 million in debt financing, according to TechCrunch.
Since its inception, TomoCredit has raised USD 39 million in equity. The funding will be used to help offer more credit to Gen Zers.
The raise follows a year in which the startup reports seeing 1,000% revenue growth, which the company described as ‘mainly organic’. Tomo is on track to do another 1,000% year-over-year revenue growth, according to its founder and CEO.
TomoCredit declined to disclose how many cardholders it has, stating that it has received 2.5 million applications over time. The fintech startup plans to apply its new capital to diversifying its product offerings, such as offering auto loans and mortgages.
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