Joint Mastercard & Morgan Stanley Backing for Start-up TomoCredit
(26 July 2022 – United States) US credit building start-up TomoCredit has raised US$22 million in a Series B funding round joined by Morgan Stanley's Next Level Fund and Mastercard.
The group is behind a credit card designed to help first-time borrowers build credit history. Powered by Mastercard-owned open banking player Finicity, the firm's proprietary underwriting algorithm identifies high potential borrowers without a credit score. It then offers a credit card that requires no credit check, no deposit, no APR, and no fees.
"As a first-generation South Korean immigrant, I wanted to help immigrant communities to reach their American Dream faster with TomoCredit” commented TomoCredit COE, Kristy Kim.