Credit Sesame, the US-based financial technology firm, recently announced that it has raised $51 million in the latest funding round to expand the company’s financial wellness platform.
According to the press release, several prominent names including Menlo Ventures, ATW Partners, Globespan Capital, IA Capital Group and Inventus Capital participated in the recent round. Credit Sesame mentioned that the company has crossed the mark of 1 million Sesame cash debit account customers in less than 12 months of the beta launch.
In terms of growth, Sesame’s premium subscription services posted a jump of nearly 200% in less than a year. Also, Credit Sesame recently completed the acquisition of fintech software services platform Zingo.
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Commenting on the latest announcement, Adrian Nazari, CEO of Credit Sesame, said: “Creating access to better credit and finance is critical for financial prosperity for consumers in our country, and it’s enlightening to see major banks and the federal government also taking action. The impacts of the past year have only made those needs greater, and through our recent acquisition and fundraising, we are proud to be expanding our platform offerings and leading the charge in opening more doors to financial inclusion and wellness for all.”
Earlier this week, Synctera, the US-based fintech startup, raised $33 million from different investors including Lightspeed Venture Partners and Diagram Ventures to connect fintech firms with banks.
During the latest announcement, Credit Sesame highlighted a growing demand for financial services around the world. Additionally, the company announced a plan to launch new features to facilitate consumers in their credit profiles. “Credit Sesame is giving consumers the latest financial tools and helping them to improve their financial health. This investment in the fast-growing Credit Sesame was an attractive opportunity to help grow the HOOPP fund for the benefit of our members, so we are pleased to contribute to Credit Sesame’s next phase of growth as it continues to expand,” Shrirang Apte, VP Credit at HOOPP commented.