Esusu Raises $ 10 Million in Series A Funding Led by Motley Fool Ventures with Investment of … | New
HARLEM, NY, July 16, 2021 (GLOBE NEWSWIRE) – Esusu, the leading financial technology company for rent reporting and data solutions for credit construction, has raised $ 10 million in Series A financing directed by Motley Fool Ventures. World-class athlete, businesswoman and philanthropist Serena Williams, through Serena Ventures, has joined the cycle with The Equity Alliance, Predictive VC and including Angel Investors. Previous seed round investors, Concrete Rose Capital, Impact America Fund, Global Impact Fund, Next Play Ventures and Zeal Capital Partners, also participated, bringing the total Esusu funding raised to $ 14 million to date.
âEsusu is a prime example of an innovative fintech company leveraging technology to deliver scalable and much-needed financial solutions to underserved populations,â said Ollen Douglass, Managing Director of Motley Fool Ventures. âFrom reliable rent reports to zero-rated housing stability funds, their inclusive credit offerings can unlock access to credit for low- to middle-income households across the country.â
Over 45 million Americans have no credit score. Esusu’s rent reporting capabilities solve this problem by capturing and reporting rent payments to the largest credit bureaus: Equifax, TransUnion, and Experian. This allows tenants to establish and build credit while helping landlords increase their net operating income, reduce evictions and fill more vacancies. Esusu also provides a zero-interest housing stability fund to help tenants facing financial difficulties avoid eviction.
âEsusu is really focused on building credit and creating pathways to financial inclusion not only for working families, but also for individuals,â said Serena Williams, Founder of Serena Ventures. âTheir services also make it easier to report rents – finally giving tenants credit for what is often their biggest expense each month. Last year, of course, was the COVID-19 pandemic. This created an unemployment and housing crisis that left many tenants struggling to pay their rent on time, and they were often threatened with eviction. We’ve seen Esusu react immediately with rent relief efforts – creating zero-rated home stability loans to tackle this problem head-on.
Launched in the spring of 2020, Esusu’s zero-interest housing stability fund has seen an increase in demand due to rising unemployment, evictions and declining financial stability caused by the COVID-pandemic. 19. With over $ 70 billion in unpaid rent, Esusu’s interest-free rent relief efforts have kept families in their homes, while providing them with the benefits of reporting rents and building up credit.
âWe have invested in Esusu’s mission and have a strong belief in the potential of this space,â said Serena Williams. âThe technology-based model really creates win-win situations for stakeholders, from tenants to landlords. Our large investment in Esusu will help the company to grow and open more financial opportunities for people. “
Today, Esusu is available in 2 million homes representing more than $ 2.4 billion in gross rental value nationwide. Esusu works with 30% of the largest landlords on the National Multifamily Housing Council (NMHC) list. Partners include Goldman Sachs, Related Companies, Winn Residential, Camden Property Trust, L + M Development Partners, and more. This year, Esusu was recognized as one of the Most Innovative Companies by Forbes, landing on the annual Fintech 50 list along with Stripe, Robinhood and others.
âAt Esusu, our core 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,â said Abbey Wemimo and Samir Goel, co-CEOs of Esusu. âOver the past year, Esusu has experienced monumental growth driven by industry adoption, regulatory favorable winds and partnerships with the nation’s largest property owners and operators. This Series A funding enables Esusu to double its growth through product innovation, recruiting top talent and building the industry’s most comprehensive financial health platform for low to middle income families . “
About Esusu Esusu is the leading financial technology platform that leverages data solutions to empower tenants and improve property performance. Esusu’s rent reporting platform captures rent payment data and reports it to credit bureaus to improve credit scores. This allows tenants to build and establish their credit scores while helping landlords increase their incomes, reduce evictions and fill vacancies with differentiated data and information. Founded in 2018, Esusu serves more than two million rental units in all 50 states of the United States. Learn more at www.esusurent.com and follow us on Facebook @myesusu and on Twitter @getesusu.
Contact Chanel Cathey Esusu / CJC Insights, LLC [email protected]
The photos accompanying this announcement are available on:
Copyright 2021 GlobeNewswire, Inc.