SoLo Funds Inc., a mobile trade that lines up amounts of cash under $1,000 for American borrowers short on cash
FINANCE: SoLo Funds is designed to attract skill, raise $15M
Has relocated the companyвЂ™s headquarters to downtown, and it is attracting big backers because it gets prepared to raise $15 million in a investment round that is second.
The organization, formerly situated in Cincinnati, relocated into a WeWork Cos. Inc. workplace for technology startups, a office that is temporary because it pursuit of a permanent spot, maybe in Culver City, in accordance with SoLo co-founder Travis Holoway. The move was stated by him had been centered on attracting skill towards the business.
HolowayвЂ™s partner into the startup, Rodney Williams, stated SoLo raised $3 million in seed capital within the year that is past. A Series The round is prepared for with a $15 million target, the founders said in interviews june.
SoLoвЂ™s investor that is biggest thus far is Liberian-American beauty mogul Richelieu Dennis, whom offered his Sundial Brands beauty items company to Unilever in 2017. HeвЂ™s funded roughly 50 % of the total seed cash to date, based on the founders.
Holoway and WilliamsвЂ™ target market is People in america residing paycheck-to-paycheck, in addition they see their peer-to-peer lending platform as an option to U.S. payday loan providers, which charge high interest levels. The pair stated the theory stumbled on them after seeing friends and family ask to borrow cash despite having jobs that are high-paying.
Since its launch in April 2018, the SoLo platform has finished approximately 10,000 loans for longer than 85,000 users.
Tilting on loans
Peer-to-peer lending, also called P2P financing, may be the training of lending cash to people or organizations through online solutions that match loan providers with borrowers.