Feb. 7, 2019
Possible Finance, which specializes in short-term loans to underbanked consumers, has raised $4.3 million in equity and debt financing in a round led by Unlock Venture Partners and Columbia Pacific Advisors and is expanding into California.
The investment brings the total amount raised to $6 million since the company was incorporated in November 2017, according to a press release. Existing investors include FJ Labs, Seattle Bank, Hustle Fund, Union Bay Partners and other angel investors,
The company provides loans through a mobile app of up to $500 without running a credit check. It analyzes prior bank data using machine learning technology. Before entering California, the firm operated in Idaho, Washington and Utah.
The company will use the funding to expand into additional states and launch products to help customers improve their financial health, according to the release.
Possible Finance recently hired Sanchit Arora, the co-founder and CTO of Dextro, a machine learning company that was recently acquired by Axon. The founders of Possible Finance, Tyler Conant, Prasad Mahendra and Tony Huang, were part of the original software team at Axon, where they helped pioneer policy body camera technology, according to the release.