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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
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