Credit Genie Gains $10 Million in New Funding

Credit Genie, a leading digital personal finance platform serving over one million Americans, has successfully completed an additional funding round, raising $10 million. This latest financial injection brings its total financing to $21 million.

Key Investors

The funding round was spearheaded by Khosla Ventures, with Tippet Ventures also participating. This new influx of capital will allow Credit Genie to expand its product line and hire top talent, scaling its innovative approach to behavioral finance, budgeting, and cash/credit management.

AI and Machine Learning in Finance

Credit Genie utilises artificial intelligence (AI) and machine learning to revolutionise risk management and personalised budgeting for the financial middle class. It offers people accurate and individualised financial insights, which can help to improve their financial well-being.

The company aims to help millions of consumers access efficient credit at fair rates. It uses a technology that analyses diverse data points such as behaviour, chat and qualitative indicators. This collective analysis identifies a person’s desire to elevate their lifestyle and financial well-being, providing more accurate predictions and insights than traditional credit scoring methods. The platform also identifies patterns and predicts credit risk, resulting in more accurate credit scores and better lending decisions.

A Mission for Financial Wellness

Credit Genie’s mission, according to founder Ed Harycki, is to “provide accessible financial products and services that help people improve their financial wellness”. The company aims to provide a more inclusive and fair credit system, regardless of income level or credit history, to empower people to achieve their financial goals.

David Weiden of Khosla Ventures highlighted the challenge faced by millions of Americans in managing their cash flows and understanding how best to leverage their financial situation. He stated that Credit Genie’s AI-powered system allows consumers to analyse their cash flow, gain financial insights and access credit-related services to better manage their households.

As part of the latest financing round, Credit Genie has also secured a credit facility with affiliates of Fortress Investment Group to help finance its cash advance and credit card receivables.