US-based TomoCredit, which offers lending services to immigrants and international students with no credit history, has raised $122m in equity and debt funding.

The round was joined by Morgan Stanley‘s Next Level Fund and MasterCard along with fintech investors and culture funds including GoldHouse, Asian Hustle network, and Hyphen Capital.

The debt component of the investment came from Silicon Valley Bank, a subsidiary of SVB Financial Group.

TomoCredit will use the proceeds to expand its credit offerings to include services such as auto loans and mortgages.

The lending platform uses a proprietary underwriting algorithm, called Tomo Score, which is said to have identified high potential thin file borrowers.

TomoCredit said it has seen a huge market for its first product— the TomoCredit card, which requires no credit check, no deposit, no APR, and no feeds.

In 2021, fintech claims to have recorded a 1000% growth in revenue.

TomoCredit founder and CEO Kristy Kim said: “We decided to add more capital for two key reasons. First, we were seeing incredible organic demands in the past two years, and we wanted to hire top talent to keep up with that organic growth.

“Secondly, we want to take full advantage of the newest consumer trends of avoiding high APR products. TomoCredit charges 0% APR with no fees. In recent months, many people who have 15 – 25% higher APR cards are ditching those products and flocking over to TomoCredit.”

Next Level Fund manager co-portfolio Alice Vilma said: “We are excited to be a part of TomoCredit’s journey as it works to democratise access to credit and build a more inclusive credit landscape.”