KINDLY CONTACT ENDY EDESON TO DESIGN YOUR WEBSITE

KINDLY CONTACT ENDY EDESON TO DESIGN YOUR WEBSITE
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Wednesday, September 16, 2020

Nigerian Co-Owned Fintech Company , ESUSU Raises $2.3 Million From Investors In USA

Nigeria-Inspired Fintech Esusu Raises $2.3 Million in Seed Extension to Fuel Its Expansion to 1M Rental Units. Millions of Americans have lost jobs and missed rent payments due to the pandemic, a striking reminder of the looming financial duress many households are under. On Wednesday, the digital savings app Esusu, which targets immigrant and minority groups, announced the close of a $2.3 million seed round, bringing its total financing to $4 million.

Cofounders Wemimo Abbey and Samir Goel began fundraising in June

and the latest round includes investors like Impact America Fund, Zeal Capital Partners, and Next Play Ventures, the latter of which is led by LinkedIn chairman and former CEO Jeff Weiner.

Founded in 2018, Esusu is a rotational savings and credit building app that allows users to pool and withdraw money for big-ticket transactions, such as a down-payment on a house. These purchases and the fulfillment of debt obligations are then reported to credit bureaus to help users establish or improve their credit profiles. The fintech company also doubles as a rental data reporting service by partnering with landlords, property managers, public housing authorities, and consumers to report tenants’ rent payment history, one of the most sizable and consistent payments for Americans.

“We’re trying to address the fact that millions of people have a thin credit score or no credit score at all, while the average debt is around $135,000,” says Abbey who made Forbes 30 Under 30 list in 2019 along with cofounder Goel. “People are seeing the impact of what Esusu can do for their financial identity, which gives them a lot of leverage.”

More than 5,000 renters across the U.S. have applied for Esusu’s financial assistance and the fund has deployed about a quarter-million dollars. About 85% of applicants are Black, 7% are non-Black people of color and the remaining 6% are Caucasian, which Goel says is telling.

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John Amadi

Endy how can I apply?

Endy Edeson

John: Esusu is for American residents

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