Self Financial Raises $40M in Series D Led by Meritech Capital
Self Financial Raises $40M in Series D Led by Meritech Capital
The company has more than doubled its customer base this year, and it will use capital to accelerate marketing and its product roadmap
Austin, Texas, Dec. 15, 2020 (GLOBE NEWSWIRE) — Self Financial (Self.inc), a leading fintech startup enabling consumers to build credit and savings, today announced the close of a $40 million round of Series D financing, led by Meritech Capital with participation from its existing investors, including Altos Ventures, Conductive Ventures and Silverton Partners. The funding brings the company’s total to $77 million and comes on the heels of its $20 million Series C raise in February.
In 2020 Self has seen its active customer base rise 250% and its employee count increase from 50 to 115.
The Series D round will continue to fuel Self’s ability to reach and best serve its customers, enabling them to build credit and build savings even amidst the economic challenges of the pandemic.
“Self is addressing a systemic problem of financial inequality in the right way. It has built the technology while maintaining low operating costs to be able to offer accessible products and building lasting relationships with its customers,” says Max Motschwiller, general partner at Meritech. “Meritech invested in Self because it has a proven and powerful business model, but we believe in the company because it empowers people to steadfastly achieve their goals and dreams.”
Self provides tools for its customers geared toward building positive behaviors (such as on-time payment history and responsibly using credit) and long-term success, working in partnership with its issuing banks. With the Self Credit Builder Account consumers simultaneously tackle both credit and savings without requiring a hard credit inquiry or credit history. The Self Visa® Credit Card is a unique secured credit card that doesn’t require a credit check and provides existing Self customers the ability to build their security deposit in installments rather than a large upfront deposit.
CEO James Garvey co-founded Self in 2015 after a time where he thought he set up his credit cards for automatic payments, yet hadn’t. When he realized his mistake a few months later his credit score had already fallen from 750 to 594. The experience gave him a deeper appreciation of the challenges millions of Americans face in building and maintaining credit, and so he decided to use his background as a technologist and entrepreneur to develop a better solution to help people overcome those obstacles.
“Despite increased adversity, this year we’ve seen demand for our products increase as people look to get control of their finances where possible. Fortunately, we also see our customers keeping their commitment to themselves by sticking to their plans,” says Garvey. “The latest infusion of capital from Meritech and our other investors means that Self can continue its mission to support our customers on their journey to build credit and savings and be financially healthy.”
For additional information, visit self.inc.
###
About Self
Self is a leading fintech startup with a mission to help people build credit and savings. For more information, visit www.self.inc.
CONTACT: Allee Bennett, PR Manager Self Financial press@self.inc