SoLo Funds Inc., a mobile change that lines up amounts of cash under $1,000 for American borrowers short on cash, has moved the companyвЂ™s headquarters to downtown, and it is attracting big backers since it gets willing to raise $15 million in an investment round that is second.
The business, formerly located in Cincinnati, relocated right into a WeWork Cos. Inc. workplace for technology startups, a short-term workplace solution because it looks for a permanent spot, maybe in Culver City, in accordance with SoLo co-founder Travis Holoway. The move was stated by him had been centered on attracting talent to your business.
HolowayвЂ™s partner within the startup, Rodney Williams, stated SoLo raised $3 million in seed financing within the previous 12 months. A Series The round is prepared for June having a $15 million target, the founders stated in interviews.
SoLoвЂ™s investor that is biggest up to now is Liberian-American beauty mogul Richelieu Dennis, whom offered his Sundial Brands beauty items business to Unilever in 2017. HeвЂ™s funded roughly 1 / 2 of the seed that is total to date, based on the founders.
Holoway and WilliamsвЂ™ target market is Americans residing paycheck-to-paycheck, in addition they see their peer-to-peer financing platform as an option to U.S. payday loan providers, which charge high interest levels. The set said the idea found them after seeing friends and family ask to borrow cash despite having high-paying jobs.
Since its launch in April 2018, the SoLo platform has completed approximately 10,000 loans for longer than 85,000 new users.