Self Financial Raises $50 Million in Funding

Self Financial announced it has raised $50 million in additional funding.

The Austin-based fintech company has raised $127 million to date, including $40 million in funding last December.

The Series E round of funding was led by Altos Ventures with participation from Meritech Capital and Conductive Ventures.

The company plans to use the funds to scale its business to make building credit accessible for the 100 million Americans that have no credit or low credit scores, according to the company.

Self Financial created the Credit Builder Account to allow its customers to build credit and savings without a hard credit inquire or prior credit history. It also offers the Self Visa Credit Card, a secured card. To date, Self has served more than two million customers.

“We deeply support Self’s mission of helping underserved customers to build credit and savings, bringing them into the American financial mainstream,” Anthony Lee, Managing Director of Altos Ventures said in a news release. “Since our original investment, Self has helped millions of people build credit and this latest round will enable them to scale their team and products to help millions more.”

Self’s customer base has more than doubled in the last 12 months, according to the company.

“We believe everyone should have the opportunity to improve their financial future. That belief shapes everything we do, so looking ahead, we will continue to invest in the business and improve on our products to offer industry-leading solutions that support consumers, particularly those who are new to credit or building their credit,” Self founder and CEO James Garvey said in a news release.

Self now has nearly 200 employees, up 120 just this year.