TomoCredit Lands $122 Million

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; TomoCredit<u>&comma;<&sol;u> a credit card lending to over 40 million credit-invisible immigrants and international students with no credit history in the U&period;S&comma; has raised <span class&equals;"xn-money">&dollar;122 million<&sol;span> in equity and debt&period; The round includes Morgan Stanley&&num;8217&semi;s Next Level Fund&comma; MasterCard&comma; and debt from Silicon Valley Bank&period; The oversubscribed round also included GoldHouse&comma; Asian Hustle network&comma; and Hyphen Capital&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p><span class&equals;"xn-person">Kristy Kim<&sol;span>&comma; TomoCredit founder and CEO &lbrack;photo above&rsqb;&comma; said&comma; &&num;8220&semi;As a first-generation South Korean immigrant&comma; I wanted to help immigrant communities to reach their American Dream faster with TomoCredit&period; It has been wonderful to partner with minority-focused funds who truly understand Tomo&&num;8217&semi;s mission&period;&&num;8221&semi;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>TomoCredit&&num;8217&semi;s proprietary underwriting algorithm &lpar;<span class&equals;"xn-person">Tomo Score<&sol;span>&rpar; has successfully identified high potential borrowers without a credit score and seen a huge market demand for its first product— the TomoCredit card&period; The TomoCredit credit card requires no credit check&comma; no deposit&comma; no APR&comma; and no feeds&period; Last year alone&comma; the company grew 1000&percnt; in revenue&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are excited to be a part of TomoCredit&&num;8217&semi;s journey as it works to democratize access to credit and build a more inclusive credit landscape&comma;&&num;8221&semi; says <span class&equals;"xn-person">Alice Vilma<&sol;span>&comma; Co-Portfolio Manager of Morgan Stanley&&num;8217&semi;s Next Level Fund that primarily invests in early-stage technology and technology-enabled companies with women or diverse members as part of the founding team&period;<&sol;p>&NewLine;<p>With the new capital injection&comma; TomoCredit is working on expanding its credit product offerings including auto loans and mortgages with its innovative underwriting solutions&period;<&sol;p>&NewLine;<p><span class&equals;"xn-person">Kristy Kim<&sol;span>&comma; also added&colon; &&num;8220&semi;We decided to add more capital for two key reasons&period; First&comma; we were seeing incredible organic demands in the past two years&comma; and we wanted to hire top talent to keep up with that organic growth&period; Secondly&comma; we want to take full advantage of the newest consumer trends of avoiding high APR products&period; TomoCredit charges 0&percnt; APR with no fees&period; In recent months&comma; many people who have 15 – 25&percnt; higher APR cards are ditching those products and flocking over to TomoCredit&period;&&num;8221&semi;<&sol;p>&NewLine;<p>TomoCredit also recently welcomed seasoned credit experts as TomoCredit board members&period; Members include Ash Gupta&comma; ex-CRO at Amex and former President and Chief Risk Officer at American Express&period; Gupta retired from American Express in 2018 after four decades of continuous service&period; Also&comma; <span class&equals;"xn-person">Chaomei Chen<&sol;span>&comma; ex-CRO at Lending Club&comma; also joined TomoCredit as acting CRO to help Tomo expand its credit offerings&period;<&sol;p>&NewLine;<&sol;div>&NewLine;