In a time when many consumer-facing fintech startups are grappling with the challenging fundraising landscape, Grow Credit Inc. has defied the odds.
The innovative fintech company, founded in 2018 with a mission to promote financial inclusivity, has successfully completed a $10 million Series A funding round. This achievement, led by USAA, underscores Grow Credit Inc.’s commitment to its mission and its resilience in a competitive market.
USAA’s investment not only marks a significant milestone for the startup but also strengthens the strategic partnership between the two entities. With the infusion of fresh capital, Grow Credit Inc. aims to enhance its platform, which facilitates interest-free virtual credit card payments for over 100 popular subscriptions and major cell phone plans. This development will empower more individuals, including those in the military, veterans, and their families, to build a brighter financial future.
Grow Credit Inc.’s vision is to lower the barriers of entry for millions of Americans seeking to establish and build credit. By combining a small-dollar loan with a virtual MasterCard, the company’s innovative service helps manage subscription payments while reporting loan balances to credit bureaus. This approach allows individuals to demonstrate improvements in their repayment history to major credit bureaus by leveraging their subscription accounts.
CEO Joe Bayen expressed his enthusiasm about the partnership with USAA, saying, “We are honored to have one of the financial services industry’s most mission-driven institutions, USAA, as our lead investor.” He further emphasized the importance of this partnership in an era where many brave individuals who have served the country are facing financial challenges due to expensive credit.
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