Credit Genie, operating under Creditly Corp., has successfully completed an additional funding round, securing $10 million in capital and bringing its total financing to $21 million. The funding round was led by Khosla Ventures, with participation from Tippet Ventures.
With this new capital injection, Credit Genie plans to expand its product line and hire top talent to scale its innovative approach to behavioral finance, budgeting, and cash/credit management.
Credit Genie is a leading digital personal finance platform that has served more than one million Americans. It utilizes artificial intelligence (AI) and machine learning to revolutionize risk management and personalized budgeting for the financial middle class.
By analyzing diverse data points such as behavior, chat, and qualitative indicators, Credit Genie provides individuals with accurate and individualized financial insights to improve their financial well-being. The platform identifies patterns and predicts credit risk, leading to more accurate credit scores and better lending decisions than traditional credit scoring methods.
“Our mission is to provide accessible financial products and services that help people improve their financial wellness,” said Credit Genie founder Ed Harycki. “We aim to provide a more inclusive and fair credit system, regardless of income level or credit history, that empowers people to achieve their financial goals.”
“Millions of Americans have a challenge in managing their cash flows to understand how best to leverage their financial situation,” said David Weiden of Khosla Ventures. “Credit Genie’s AI-powered system allows consumers to analyze their cash flow and get financial insights and credit-related services to better manage their households.”
In addition to the funding, Credit Genie has secured a credit facility with affiliates of Fortress Investment Group to finance its cash advance and credit card receivables, further enhancing its ability to provide efficient credit at fair rates to consumers.