TomoCredit bags $122m funding to expand product offerings
San Francisco-based fintech start-up TomoCredit has bagged $122 million in equity and debt funding.
The round, which was said to be oversubscribed, attracted investors including Morgan Stanley’s Next Level Fund and Mastercard, as well as debt from Silicon Valley Bank. Also participating were GoldHouse, Asian Hustle Network and Hyphen Capital.
TomoCredit’s underwriting algorithm TomoScore identifies high potential borrowers without a credit score and offers a credit card which requires no credit checks and no deposit.
The company claims to have grown 1,000% in terms of revenue last year.
Kristy Kim, TomoCredit founder and CEO, says: “As a first-generation South Korean immigrant, I wanted to help immigrant communities to reach their American dream faster with TomoCredit.”
With the fresh capital, the company intends to expand its credit product offerings to include auto loans and mortgages as well as hire more staff.
Founded in 2018, TomoCredit last raised $10 million in a Series A round led by Kapor Capital and KB Investment in September 2021.