February 28th 2023.
SoLo is delighted to declare that it has now become the biggest and first Black-owned personal finance platform to gain 1 million registered users, with over 1.3 million downloads. This extraordinary accomplishment demonstrates an evident lack of options in the financial assistance market for a consumer base, such as SoLo's, that has gone unnoticed and has not had access to short term capital and reasonable returns. With its public benefit mission to right-bank 254 million underserved Americans, SoLo has drawn investment aid from many investors and funds, with special reference to Serena Williams’ fund, Serena Ventures.
Located in Los Angeles with close to 100 employees, SoLo is now introducing a fintech company to the market driven by the people. SoLo permits its members to borrow and lend to and from each other. Its lending members receive a return, while its borrowing members acquire straightforward access to personal loans. SoLo has surpassed 600 thousand in loans financed and $300 million in transaction volume with 82% of its members from underserved zip codes. The majority of Americans, 254 million precisely, have not been given solutions to appropriately develop their wealth or access to personal loans when they require them. SoLo has progressed quickly by offering a viable solution where others have failed to progress without major venture capital investment.
Reaching a million registered users is a substantial milestone especially since there has never been a Black-owned financial service company or bank that has achieved such success. Difficulty in regulation and discriminatory obstacles in forming and scaling fintechs has made it almost impossible for marginalized groups to create financial products for their communities. SoLo is an exceptional instance of this success and is eager to keep on scaling in business and impact. As the first to reach the scale of one million users, SoLo is leading the way in regulatory innovation. SoLo recently declared three strategic additions to its legal and regulatory leadership team. Collin Schwartz has joined as General Counsel, Kyle George as the Head of Government & Regulatory Affairs, and Manny Alvarez as Advisor.
SoLo is supported by investors who understand the issue and are devoted to the enormous opportunity that SoLo brings to the market. Investors like Richelieu Dennis, formerly Sundial and now Essence Ventures and New Voices Fund, Kesha Cash from Impact America, the biggest fund by an African American woman, Arlan Hamilton, Tim Weatherspoon and wife Kelly Rowland, and Serena Ventures to name a few.
“We are creating and succeeding where companies have failed,” said Rodney Williams, Co-Founder and President of SoLo. “Reaching this milestone is a tribute to our members and a pivotal moment in our history where we have at long last invented a successful solution for the communities we represent. We are immensely thankful for this moment and opportunity.”
SoLo is thrilled to declare that they have become the first and largest Black-owned personal finance platform to hit 1 million registered users and over 1.3 million downloads. This remarkable feat further reveals the unmet necessity in the economy for financial help. Traditionally, a consumer base like SoLo's has been overlooked, with limited options for short term capital and substantial returns. With the mission to serve 254 million underserved Americans, SoLo has received support from multiple investors and funds, particularly Serena Williams' fund, Serena Ventures.
Headquartered in Los Angeles with almost 100 employees, SoLo is bringing a fintech company to the market powered by the people. SoLo allows its members to both borrow and lend to and from each other. Its lending members get a financial reward, while its borrowing members get transparent access to personal loans. SoLo has exceeded 600 thousand loans funded and $300 million in transaction volume with 82% of its members from underserved zip codes. The majority of Americans, 254 million to be exact, don't have access to solutions to build their wealth or acquire personal loans when they need them. SoLo has advanced rapidly by providing a functioning solution where others have failed to expand without considerable venture capital funding.
Reaching 1 million registered members is a remarkable milestone due to the fact that there has never been a Black-owned financial service enterprise or bank that has achieved such success. Difficulty in regulation and biased challenges in creating and scaling fintechs has made it close to impossible for marginalized groups to create financial products for their communities. SoLo is a distinct example of this accomplishment and is enthusiastic to continue growing in business and influence. As the first to reach the scale of one million users, SoLo is at the forefront of regulatory invention. SoLo recently announced the addition of three individuals to its legal and regulatory leadership team: Collin Schwartz as General Counsel, Kyle George as the Head of Government & Regulatory Affairs, and Manny Alvarez as Advisor.
SoLo is backed by investors who comprehend the problem and are devoted to the tremendous potential that SoLo brings to the market. Investors such as Richelieu Dennis, formerly Sundial and now Essence Ventures and New Voices Fund, Kesha Cash from Impact America, the largest fund by an African American woman, Arlan Hamilton, Tim Weatherspoon and wife Kelly Rowland, and Serena Ventures, among others.
“We are developing and succeeding where companies have failed,” said Rodney Williams, Co-Founder and President of SoLo. “Achieving this milestone is a tribute to our members and a crucial moment in our history where we have eventually designed a productive solution for the communities we represent. We are incredibly thankful for this moment and opportunity.”
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