back Back

Possible Finance launches new products to help consumers improve financial health

By Leandra Monteiro

May 04, 2022

  • Credit Card
  • Equity
  • FinTech
Share

Possible FinancePossible Finance (Possible), a FinTech company that offers life-changing financial services for underserved consumers, announced an additional $20 million in equity funding, key executive hires and the launch of their new credit card and cash advance products – Possible Card and Possible Cash.

The new products build on the success of Possible’s first product, the Possible Loan – a short-term, small-dollar installment loan designed to help the one in three American adults who struggle to access affordable credit and fall victim to predatory lending practices. Currently available in 21 states, Possible has provided over 1.65 million small-dollar loans to over half a million customers since 2019.

The Possible Card is not a traditional credit card with interest charges or penalty fees. Instead, Possible built a revolutionary card designed to protect members from mounting debt and improve long-term financial habits. It is the only unsecured credit card on the market with no interest or late fees – ever – and just one simple flat monthly fee. Designed specifically for those undervalued by the current financial system, Possible Card does not require a credit score check for approval and utilizes Possible’s existing proprietary cash-flow credit risk technology.

The company also announced Possible Cash, the first and only cash advance offering that gives customers the opportunity to qualify for an unsecured credit card. Customers who build successful track records of repayment on Possible Cash will be automatically pre-approved for a Possible Card. These offerings will allow Possible to reach more underserved consumers who need quick and affordable access to capital without jeopardizing their progress toward long-term financial health.

“We started Possible to help people break the debt cycle caused by predatory financial products while also building up their credit history,” said Tony Huang, Co-Founder and CEO of Possible Finance. “When we realized many of our customers escaped the payday debt cycle only to jump right into a similar trap caused by credit card debt, we knew Possible could offer a better solution. Existing credit card companies work just like payday lenders – they profit by intentionally lending to vulnerable consumers knowing they won’t be able to make timely payments. To reimagine the credit card, our team applied the same principles, data and technologies we built for the Possible Loan. I am excited to bring the Possible Card to underserved consumers who desperately need a better option.”

Furthermore, Possible also announced it has raised $20 million in new equity funding to fuel growth and expand its team. This round includes existing investors Union Square Ventures, Canvas Ventures and Unlock Venture Partners, as well as new investor Euclidean Capital. Possible has also recently partnered with Coastal Community Bank, Member FDIC, to accelerate the development and scale access to these critical new products. The bank partnership with Coastal is a critical component of Possible’s growth strategy, enabling the company to design and build more innovative products at scale.

“Possible Finance has built the foundations of a very special consumer brand that can reset the current misalignment of economic incentives between financial services providers and their lower-income customers,” said John Buttrick, Partner at Union Square Ventures, about the firm’s reasons for doubling down on the Possible team. “We continue to be excited by Possible’s innovative approach to expand product offerings. And we are delighted to welcome the Euclidean Capital team on this journey with us.”

Possible has expanded the company’s leadership team to include former Venmo Head of Marketing, Kevin Platshon, as Chief Marketing Officer; former Capital One Senior Credit Officer and Genesis Financial Risk leader, Ellen Falbo, as Chief Credit Officer and former president of Credit Sesame, Jesse Levey, as Chief Product Officer.

Previous Article

May 04, 2022

kevin. raises $65m to bring A2A payments to existing POS payment terminals

Read More
Next Article

May 04, 2022

Ophelos partners with credit card startup Yonder for ethical debt resolution

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Credit Card

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023