Today’s modern era has opened up a range of opportunities for people everywhere, but unfortunately, not everyone is granted equal access to those opportunities. Seattle-based Possible Finance is working to change this reality for underserved consumers across the country. The company announced Tuesday a $20 million round of funding to expand the reach of its financial services.
The equity round came from Union Square Ventures, Canvas Ventures and Unlock Venture Partners. Possible is putting the capital toward fueling growth and expanding its team. The company aims to increase affordable access to capital and set consumers down a path toward long-term financial health, regardless of credit score.
Alongside its new funding, Possible announced the launch of new products. The company introduced Possible Card, an unsecured credit card with no fees or interest rates, as well as Possible Cash, a cash advance solution that can grant customers pre-approval for a Possible Card. These tools add to the company’s suite of products including its existing Possible Loan solution, a short-term loan to be paid in small-dollar installments.
Possible was designed to cater to American adults who struggle to access affordable credit and often fall victim to predatory lending practices, a situation that impacts millions of people. Typical credit card companies seek to profit from consumers they know to be unable to make timely payments, Possible Finance’s CEO and co-founder Tony Huang said. The company’s Possible Card option is intended to protect customers against accumulating debt.
“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,” Huang said in a statement. “To reimagine the credit card, our team applied the same principles, data and technologies we built for the Possible Loan. I am excited to bring the Possible Card to underserved consumers who desperately need a better option.”
In line with its goal to grow its internal headcount with its latest funding round, Possible is currently hiring across several teams with a range of roles. Available positions span finance, marketing, operations, product, software and QA.
Possible was also named one of Seattle’s Startups to Watch in 2022. Prior to this funding round, the company last raised capital in October of 2020.
