Fintech company, Esusu, today announced it has raised $130 million in a Series B funding round led by Softbank at a $1 billion valuation.
The Series B financing provides Esusu with the capital to execute its mission of dismantling barriers to housing for working families and work towards unleashing the power of data to bridge the racial wealth gap. This fundraise makes Esusu one of the few Black-owned startups to reach unicorn status both in the United States and globally.
The fintech company was co-founded in 2018 by Nigerian-born American, Abbey Wemimo and a first-generation Indian American, Samir Goel, with the premise that no matter where you come from, the color of your skin, or your financial identity it should never determine where you end up in life.
In the United States, credit is fundamental to financial stability, access to housing, and upward mobility. Unfortunately, the current system leaves millions behind who are credit invisible, thin-file, or otherwise credit-challenged precluding them from accessing quality financial products.
Esusu’s platform enables renters to build financial identity, reach financial stability, and ultimately move towards wealth creation. Reaching over 2.5 million rental units across all 50 states, Esusu’s platform provides a win-win solution for landlords and renters alike. The Series B fundraising will enable the firm to scale the team, accelerate new product development, and grow our reach across the rental market.
“We are thrilled to partner with our lead investor SoftBank Vision Fund 2 for this next stage of growth alongside other new investors including Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital. Furthermore, we are grateful that existing investors Concrete Rose Capital, Equity Alliance, Impact America Fund, Motley Fool Ventures, Next Play Ventures, Serena Ventures, Sinai Ventures, and TypeOne Ventures have elected to double down on their investment in Esusu.
“Before we share more about the drivers behind our fundraise, we would like to express our deepest gratitude to the Esusu team, partners, and customers,” the co-founders said in a Joint statement.
Esusu now joins UK-based fintech Zepz, and African fintech companies, Chippercash, Flutterwave, and Interswitch who have all attained unicorn status.
