Esusu, a leading financial technology company for rent reporting and data solutions for credit building, announced that it has raised $10 million in a Series A funding round led by Motley Fool Ventures. Other Investors in this round include Celebrity Tennis star, Serena Williams through her Serena Ventures, The Equity Alliance, Predictive VC, and notably angel investors. Previous seed round investors Concrete Rose Capital, Impact America Fund, Global Impact Fund, Next Play Ventures, and Zeal Capital Partners also participated in the round.
Coupled with $1.6 million seed round in 2019 and $2.3 million in 2020, this brings Esusu’s total funding raised to $14 million to date.
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.
“Esusu is an excellent example of an innovative fintech company leveraging technology to deliver scalable and much-needed financial solutions for underserved populations,” said Ollen Douglass, Managing Director of Motley Fool Ventures. “From reliable rent reporting to zero-interest housing stability funds, their inclusive credit–building offerings can unlock access to credit for low-to-medium income households across the country.”
According to Serena Williams, Founder of Serena Ventures, “Esusu is really focused on credit building and creating pathways to financial inclusion for not only working families but for individuals as well.”
“Their services also make rent reporting seamless – finally giving renters credit for what often is their largest expense every month. Last year, of course, was the COVID-19 pandemic. It created an unemployment and housing crisis that left many renters struggling to make their rental payments on time, and they were often facing eviction. We saw Esusu respond immediately with rent relief efforts – creating zero-interest housing stability loans to address this problem head-on.” she added.
“We invested in Esusu’s mission and have a strong conviction in the potential of this space,” said Serena Williams. “The tech-enabled model really creates win-win situations for stakeholders from renters to landlords. Our significant investment in Esusu will help the company scale and unlock more financial opportunity for people.”
Esusu claims it is available in 2 million homes representing over $2.4 billion in Gross Lease Value in the US.
“At Esusu, our fundamental belief is that where you come from, the color of your skin, or your financial identity shouldn’t determine where you end up in life,” said Abbey Wemimo and Samir Goel, Co-CEOs of Esusu. “Over the past year, Esusu has experienced monumental growth spurred by industry adoption, regulatory tailwinds, and partnerships with the largest property owners and operators in the country. This Series A financing enables Esusu to double down on growth through product innovation, top talent recruitment, and building the most comprehensive financial health platform in the market for low to medium-income families.”
