Esusu raises $1.6M in Seed Funding to expand operations and introduce new products

US-based Fintech service, Esusu, has announced the closing of a $1.6 million seed round to scale, expand market share, and focus on product development.

The seed round was led by Acumen Fund with participation from Sinai Ventures, Kleiner Perkins, Katapult Accelerator, Plug and Play Tech Center, Global Good Fund, Temerity Capital Partners, and prominent angel investors.

Co-founded in 2016 by Abbey Wemimo and Samir Goel alongside founding team members Albert Owusu-Asare (CTO) and Robert Henning (CFO), Esusu is at the forefront of paving a permanent bridge to financial access by providing financial solutions for low-to-middle income consumers. It helps people establish and build credit.

“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,” said Abbey Wemimo, Co-Founder and Co-CEO of Esusu. “There are 45 million people in the United States without a credit score; our platform helps to score them, build their credit profiles and will ultimately unlock over $3.1 trillion in untapped capital.”

In 2018, Esusu debuted its peer-to-peer savings app on iOS and Android. This year, Esusu launched its signature rent reporting platform to give renters credit for making monthly payments, a benefit historically reserved for homeowners. Esusu has been at the forefront of the technology integration of rent reporting and partners with leading public and private sector housing developers to report rent payment data to credit bureaus. Rent reporting has proved to not only lift credit scores but it helps landlords improve underwriting, reduce missed payments, and retain tenants longer.

“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. We’re excited by Esusu and the vision of co-founders Samir and Abbey to build better tools for traditional financial services industry players. Esusu serves lower-income and historically credit-challenged consumers, while simultaneously empowering these consumers with credit-building tools that can transform their access to wealth-building – rather than predatory products and services,” said Eliza Golden, Portfolio Manager of Acumen.

The new funds will enhance the rent reporting platform, onboard new partnerships, and extend overall reach. There are plans to grow the team – hiring in key leadership roles across sales, technology, and operations.

“Esusu is growing swiftly to meet the demand for our rent reporting platform, and our nonprofit and corporate partnerships are essential to scaling while continuing to ensure safe and friction-free customer experience,” said Samir Goel, Co-Founder and Co-CEO of Esusu. “Our technology is capturing financial information that has never been recorded to equalize the playing field and increase access to capital and credit for millions that have been underserved by the financial system.”

Currently Esusu only provides services to customers who live in the United States and its territories and it continues to innovate and scale through a number of partnerships with national organizations including the Local Initiatives Support Corporation (LISC) and Credit Builders Alliance (CBA).