In the U.S., credit is your lifeline to the financial system. To date, 45 million Americans lack credit scores, and millions more are marginalized due to their background, race, and zip code.
Esusu is a rent reporting platform that captures rental payment data and reports it to credit bureaus to boost users’ credit scores.
Founded in 2018 by Abbey Wemimo and Samir Goel, Esusu was built to include everyone on the journey from financial identity and stability toward financial wellness that leads to wealth building.
Over the past year, Esusu has experienced monumental growth spurred by industry adoption, new rent reporting regulations, and partnerships with the country’s largest property owners and operators.
Esusu works with over 30% of the largest asset managers and property managers in the nation and helps report rent payments for more than two million rental units across all 50 states in the U.S., up from 1 million units last year.
Today, the 4-year-old company announced that it has raised $130 million in a Series B fundraising round. This investment gives Esusu a valuation of $1 billion, making it one of the very few Black-owned unicorns in the U.S. and globally.
“We started Esusu with the belief that where you come from, the color of your skin, and your financial identity should not determine where you end up in life,” said Wemimo in a statement.
The round was led by Softbank with participation from Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital.
Esusu plans to use the funding to triple its employees, “turbocharge growth through product innovation, and build the most comprehensive financial health platform in the market.”