There are a few fintechs in the peer-to-peer lending space, but SoLo Funds has managed to generate a consistent buzz largely by word of mouth. The Los Angeles-based company has amassed $34 million in venture backing and has provided an alternative to predatory payday loans with their tens of thousands of loans currently on the platform.
In a case study, The Plug has taken a closer look at the company and how it’s carving a niche in an active, mission-driven segment of the financial services industry.
Cofounders Travis Holoway and Rodney Williams outline everything from their start, going through the Hilman Accelerator formerly led by Lightship Foundation, to a relaunch at the onset of the Covid-19 pandemic last April.
Key takeaways from what’s inside include:
- How the company has expanded its reach to include services to 77 countries
- SoLo Funds’ share of the $870 million U.S. peer-to-peer lending market
- Outlooks on the 63 million underbanked and unbanked Americans
- The playbook behind a staggering sustained 40 percent month over month growth rate mid-pandemic
- Rethinking traditional creditworthiness and mainstays like FICO Scores
“The best stories are borrowers who come here and then come back as lenders later on,” Holoway told The Plug.