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May 4, 2022

Fintech Possible secures $20m in equity funding to spur growth

US-based Possible Finance (Possible), a fintech focused on underserved consumers, has raised $20m in an equity funding round.

The round was joined by Possible’s existing investors Union Square Ventures, Canvas Ventures and Unlock Venture Partners along with new backer Euclidean Capital.

The fintech will use the proceeds to support growth and expand its team.

Concurrently, Possible announced key executive hires and launched new credit card and cash advance offerings – Possible Card and Possible Cash.

Possible Card, which is an unsecured credit card with no interest or late fees, is aimed specifically at those who are underserved by the current financial system. 

The new credit card offering charges a monthly fee and does not require credit health checks for approval. 

Whereas, Possible Cash, a cash advance offering introduced by the firm, provides customers with the opportunity to qualify for an unsecured credit card. 

Customers will be automatically pre-approved for a Possible Card once they build a successful track record of repayment on Possible Cash.

Possible Finance co-founder and CEO Tony Huang said: “We started Possible to help people break the debt cycle caused by predatory financial products while also building up their credit history.

“When we realized many of our customers escaped the payday debt cycle only to jump right into a similar trap caused by credit card debt, we knew Possible could offer a better solution.”

Union Square Ventures partner John Buttrick said: “Possible has built the foundations of a very special consumer brand that can reset the current misalignment of economic incentives between financial services providers and their lower-income customers.”

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