Esusu Financial, a US–based FinTech, designed to empower users to better save their income has just raised the sum of $1.6 million to broaden its product offering to millions of Americans.
How the fund was secured: Esusu Financial was the beneficiaryofa seed round of $1,600,000 in August, led by Acumen and six other ventures interested in using an entrepreneurial approach to solve financial problems.
Reacting to how the funds were disbursed, Eliza Golden, Portfolio Manager of Acumen said the funds were given to startups who are concerned with liberating people out of financial woes.
“As impact investors focused on improving the financial health of all Americans, we look for entrepreneurs who are tackling frictions in the financial services industry that are adversely affecting both sides of the market.”
What the fund will be used for: The funding will be diverted into a rent-paying platform solution owned by Esusu that allows customers to report their rent, build their credit score and boost their spending power in terms of assets acquisition.
The FinTech’s key focus is centred on empowering low income and historically credit-challenged consumers with credit-building. Co-Founder, Samir Goel and Nigerian born Abbey Wemimoare happy to transform their product offering from just granting access to helping lots of Americans build wealth.
“With the support of our strategic investors and partners, Esusu is poised for unprecedented growth and ready to scale to serve the millions of Americans struggling to save and create a financial identity,” Wemimo said.
What this means is thatEsusu Financial will get closer to their dream of reducing the number of vulnerable Americans who do not have financial security or money set aside for rainy days.
About Esusu: Esusu Financial was launched on May 1, 2016, by Samir Goel and Abbey Wemimo, alongside founding team members Albert Owusu-Asare (Chief Technology Officer) and Robert Henning (Chief Financial Officer).The fintech company’s name is inspired by the popular Yoruba culture of saving in bits consistently.Esusu is a digital platform that helps individuals better save their income, access larger sums of capital, and build credit and financial identity through community-based savings.
Acumen (formerly known as Acumen Fund) is a non-profit impact investment fund that is concerned with solving the problem of poverty through scalable market-based approaches and the social impact of pure philanthropy. Acumen has15 years’ experience in investing in social enterprises that serve low-income communities in developing countries across Sub-Saharan Africa, South Asia, Latin America, and the United States.