Possible Finance Receives $30M Facility From Park Cities Asset Management, Launches in Texas and Soon to Launch in Ohio
SEATTLE, April 2, 2019 (Newswire.com) - Possible Finance, the company with the mission of improving financial well-being for everyday Americans, announced that it has received a $30M facility from Park Cities Asset Management LLC, and has launched in Texas.
Possible Finance’s initial product is a small dollar installment loan that’s designed to be easily re-paid and to build credit history. Using the Possible Finance iOS or Android mobile apps, anyone can apply for up to $500 without a credit check and receive funds next day. Rather than relying on the FICO credit score like traditional lenders, Possible Finance links with a customer’s existing bank account to analyze the financial transaction data using machine learning to make credit risk decisions. Repayments are reported to the major credit bureaus to help build credit history. Possible Finance is available to residents in Washington, Idaho, Utah, and California, and is announcing today that it has launched in Texas.
“72 percent of Americans are financially unhealthy, and they pay $97B a year in fees for single payment and short-term credit products,” said Tony Huang, Co-Founder and CEO of Possible Finance. “Financial well-being starts with access to affordable short-term credit. By helping everyday Americans make ends meet in a fair and sustainable manner while also building their credit history, Possible Finance is making long-term financial wellness attainable for everyone.”
"We’re very excited to work with Possible Finance as a capital partner,” said Alex Dunev, Managing Partner of Park Cities Asset Management. “When we first learned about Possible Finance, we were immediately drawn to their proprietary technology and consumer-friendly brand. From our experience, these are major differentiators that will make Possible Finance highly successful.”
In addition to launching in Texas, Possible Finance is also announcing today that it has received regulatory approval in Ohio as one of the first lenders to be approved under the new consumer-friendly Short-Term Loan License. Possible Finance will be available to all Ohio residents starting on April 27, 2019, when House Bill 123 takes effect.
With Texas and Ohio, Possible Finance is accelerating the rollout of its services into additional states. Over time, the company plans to build a suite of software tools and experiences to help everyday Americans improve their financial well-being.
About Possible Finance
Possible Finance is a technology company that empowers everyday Americans to achieve financial well-being. To start, the company is expanding access to affordable short-term credit, helping customers avoid harmful bank overdraft fees and payday loans while also building credit history. Through the Possible Finance mobile app, anyone can be approved for a small dollar installment loan regardless of existing credit history. Possible Finance has built machine learning models that leverage novel data sources to effectively stratify risk for credit-challenged individuals. The company is based in Seattle. For more information, please visit www.possiblefinance.com.
About Park Cities Asset Management
PCAM is an alternative credit manager focused on deploying capital across asset classes in the Specialty Finance and FinTech sectors. PCAM and its predecessor firm have been investing for over a decade and is led by Alex Dunev and Andy Thomas. PCAM provides investment advice and offerings managed by its SEC Registered Investment Advisor, Park Cities Advisors, LLC.
Contact Information:
Possible Finance
Tony Huang, Co-Founder and CEO
Email: tony@possiblefinance.com
Source: Possible Finance