x
Microlender Sets Up in Los Angeles
FINANCE: solamente Funds is designed to attract talent, raise $15M
DTLA Digs: Holoway at solamente Funds’ short-term WeWork room downtown. Picture by Ringo Chiu.
Solamente Funds Inc., a mobile trade that lines up amounts of cash under $1,000 for American borrowers short on cash, has relocated the company’s headquarters to downtown, and it is attracting larger backers because it gets prepared to raise $15 million in a 2nd investment round.
The business, previously situated in Cincinnati, relocated into a WeWork Cos. Inc. workplace for technologies startups, a short-term workplace solution since it looks for a permanent place, possibly in Culver town, based on solamente co-founder Travis Holoway. The move ended up being stated by him is centered on attracting skill to your team.
Holoway’s partner into the business, Rodney Williams, stated solamente raised $3 million in seed capital within the year that is past. A Series The round are prepared for with a $15 million target, the founders said in interviews june.
SoLo’s biggest investor thus far was Liberian-American beauty mogul Richelieu Dennis, whom offered their Sundial Brands cosmetics business to Unilever in 2017. He’s funded roughly 1 / 2 of the total seed funds to date, based on the founders.
Holoway and Williams’ target markets was americans paycheck-to-paycheck that is living and so they read their peer-to-peer financing system as an option to U.S. payday loan providers, which charge higher rates of interest. The set stated the concept found them after seeing friends and family inquire to borrow funds despite having high-paying work.
Since their release in 2018, the SoLo platform has completed roughly 10,000 loans for more than 85,000 registered users april.
Leaning on loans
Peer-to-peer financing, also called P2P financing, could be the training of lending funds to people or organizations through online solutions that match loan providers with borrowers. Read more