$20 million in equity financing and new leader
Possible Finance (Possible), the mission-driven fintech company that provides life-changing financial services to underserved consumers, today announced an additional $20 million in equity funding, the hiring of key executives and the launch of its new credit card and cash advance products – Possible Card and Possible Cash. These products build on the success of Possible’s first product, the Possible Loan – a short-term, low-payment loan designed to help one in three American adults who struggle to access affordable credit and are victims of 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 has created a revolutionary card designed to protect members from mounting debt and improve long-term financial habits. It’s the only unsecured credit card on the market with no interest or late fees – ever – and a simple monthly fee. Designed specifically for people undervalued by today’s financial system, Possible Card does not require a credit check for approval and uses Possible’s existing proprietary credit risk technology. The company also announced Possible Cash, the first and only cash advance offer that gives customers the option to qualify for an unsecured credit card. Customers who establish a successful repayment history on Possible Cash will be automatically pre-approved for a Possible card. These offerings will allow Possible to scale nationwide and reach more underserved consumers who need quick and affordable access to capital without compromising their progress toward long-term financial health.
“We launched Possible to help people break the cycle of debt caused by predatory financial products while building their credit history,” said Tony Huang, co-founder and CEO of Possible Finance. “When we realized that many of our clients had escaped the payday debt cycle and fallen directly into a similar trap caused by credit card debt, we knew Possible could offer a better solution. Existing credit card companies operate just like payday lenders – they profit by intentionally lending to vulnerable consumers knowing they won’t be able to make timely payments. To reinvent the credit card, our team applied the same principles, data and technologies that we built for the possible loan. I’m thrilled to bring the Possible card to underserved consumers who desperately need a better option.
Today, Possible also announced that it has raised $20 million in new equity 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 also recently partnered with Coastal Community Bank, member FDIC, to accelerate the development and large-scale access to these essential new products. The banking partnership with Coastal is a critical part of Possible’s growth strategy, enabling the company to design and manufacture more innovative products at scale.
“Possible has laid the foundation for a very special consumer brand that can reset the current misalignment of economic incentives between financial service providers and their low-income customers,” said John Buttrick, partner at Union Square Ventures, on why the company doubled down on the Possible team. “We continue to be excited about Possible’s innovative approach to expanding 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 chief marketing officer Kevin Platshon as chief marketing officer; Ellen Falbo, former Chief Credit Officer of Capital One and Head of Financial Risk at Genesis, as Chief Credit Officer; and former Credit Sesame chairman Jesse Levey as chief product officer.