Creditly Corp., dba Credit Genie, a leading digital personal finance platform that has served more than one million Americans, announced today the successful completion of an additional funding round, securing $10 million in capital, bringing its total financing to $21 million. The funding was led by Khosla Ventures, with participation from Tippet Ventures. With the new funding, Credit Genie will expand its product line and hire top talent to scale its innovative approach to behavioral finance, budgeting and cash/credit management.
Credit Genie’s innovative use of artificial intelligence (AI) and machine learning helps to revolutionize risk management and personalized budgeting for the financial middle class, providing people with accurate and individualized financial insights that can help improve their financial well-being.
The company aims to help millions of consumers access efficient credit at fair rates, using technology that analyzes diverse data points such as behavior, chat and qualitative indicators. The collective analysis identifies a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods. The platform also identifies patterns and predicts credit risk, resulting in more accurate credit scores and better lending decisions.
“Our mission is to provide accessible financial products and services that help people improve their financial wellness,” said Credit Genie founder Ed Harycki. We aim to provide a more inclusive and fair credit system, regardless of income level or credit history, that empowers people to achieve their financial goals.”
“Millions of Americans have a challenge in managing their cash flows to understand how best to leverage their financial situation,” said David Weiden of Khosla Ventures. “Credit Genie’s AI-powered system allows consumers to analyze their cash flow and get financial insights and credit-related services to better manage their households.”
In connection with the latest round of financing, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help it finance its cash advance and credit card receivables.
