Leading Financial Inclusion Company Debuts on America’s Most Prestigious List of Fintech Companies
SANTA MONICA, Calif., June 8, 2022 /PRNewswire/ — Grow Credit Inc., a financial inclusion startup dedicated to helping people raise their credit scores for free, has been named to the seventh annual Forbes Fintech 50 list, a coveted list which honors the top companies reinventing finance through technology. The 2022 list showcases the year’s most innovative startups in personal finance, investing, payments and crypto.
Grow Credit is a first-of-its-kind financial product that allows the estimated 100M consumers with no credit or thin credit files to establish or build credit for free using their existing subscription accounts such as Disney Plus, Netflix, Spotify, and more. Grow Credit delivers credit score improvements thanks to a virtual Mastercard backed by a small-dollar loan accessible via the Grow Credit mobile application.
“We are honored with our selection by the Forbes editorial team for inclusion in their prestigious Fintech 50,” said Joe Bayen, CEO and founder at Grow Credit. “This is a testament to the innovation of the Grow Credit product, the hard work of our team, and ultimately underscores our mission to helping thousands of consumers establish and build their credit so they can benefit from less expensive costs of financing in the long run.”
Grow Credit has experienced rapid growth over the past few years. The company now has more than 50,000 customers, an explosive surge from 8,000 at the end of 2020. Since then, the company has partnered with MasterCard and raised a $106.3M financing seed round, comprised of $6.3 million in equity financing from various investors and $100 million in debt financing from Arena Investors, LP, a $2.6 billion private investment fund.
The Forbes Fintech 50 list represents the most powerful companies that have created massive disruption throughout the entire financial ecosystem. To compile the list, Forbes reporters solicited information from more than 300 startups and then interviewed more than 150 CEOs and founders, as well as independent industry experts.
The full Fintech 50 list can be viewed at Forbes.
About Grow Credit Inc.
Grow Credit’s innovative credit building service lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual MasterCard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The MasterCard is issued through Sutton Bank and is exclusively designed to pay subscription payments. Grow Credit is based in Santa Monica and was founded in 2018 by financial industry veterans. For more information, visit GrowCredit.com.
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SOURCE Grow Credit Inc.