Providing credit to the underserved is something a lot of companies attempt to achieve; 138 million people in the US need access to credit and most of these individuals are concentrated in nine states; when it comes to credit there isn't a lot of options for non prime consumers; at LendIt USA 2017 James Gutierrez of Insikt discussed expanding access to credit where the consumer gets a personal touch to their experience; at his previous firm James offered face to face loans in Latino supermarkets to the underbanked; his experience there allowed him to bring that personal interaction to a digital platform without losing the intimate feel; Insikt is able to scale in a quicker fashion but still provide credit where the consumer knows they are getting an option that suits their needs. Source
Lendio’s Top 10 States for Small Business Square Funded $339M to SMBs in Q1 Neon Raises $22M in Series A...
American Banker reports on a bitter rivalry that has been brewing between James Gutierrez and his former company Oportun; Gutierrez...
The round was led by Grupo Coppel with participation from FirstMark Capital, Revolution Ventures and Colchis Capital; INSIKT has facilitated 125,000 loans over the course of three years; their white-label product provides an alternative to payday loans and is currently used by 600 banks and credit unions; funds will be used to expand to new states and internationally. Source
INSIKT is a mission-driven fintech company offering loans to thin file borrowers; so far the company has provided $390 million...