Credit Sesame, the provider of a financial wellness platform, has raised $51 million in growth capital to launch breakthrough AI-driven services that help consumers gain easy access to credit and free banking services to reach their financial goals.
The San Francisco-based company enters this next phase of growth with significant business momentum, as it surpasses more than one million Sesame Cash debit account customers in less than a year from the beta launch and exceeds 200% annual growth in premium subscription services.
The latest product and service innovations from Credit Sesame leverage its significant consumer data and AI and aim to help close the “credit chasm”, which affects more than 44 million Americans who are credit invisible and face significant challenges getting into the traditional credit and financial system.
As a first step to helping close this gap, Credit Sesame has completed the acquisition of Zingo, a fintech software services startup, enabling the company to integrate rent reporting services into its suite of financial wellness offerings in summer 2021.
Later this year, Credit Sesame is launching a feature that will allow consumers to use their cash to help them build and enhance their credit profile with ease and no credit check.
With Credit Sesame’s expanding capabilities, the company has more than doubled its number of employees since 2018. It is continuing to grow rapidly, especially in the areas of data science and engineering.
Investors of this financing round include Healthcare of Ontario Pension Plan, Menlo Ventures, ATW Partners, Globespan Capital, IA Capital Group and Inventus Capital.