US-based credit building fintech Esusu has secured $50 million in a Series C funding round, bringing the firm’s total capital raised to date to over $200 million.
The latest funding round was led by Westbound Equity Partners, with Geraldine R. Dodge Foundation, Blue Meridian Partners, and strategic family offices also taking part.
Co-founded by Wemimo Abbey and Samir Goel and launched in 2018, Esusu helps individuals build credit by reporting rental payments data to credit bureaus. According to a statement by the firm, Esusu is currently available “in over five million rental units, encompassing 12 million people and $100 billion in annual gross lease volume nationwide”.
The company achieved unicorn status back in 2022, when it secured $130 million in its Series B round.
Esusu has revealed that the new Series C funds will be used to scale its core offerings, in particular its Rent Reporting as a Service (RaaS) solution. Esusu says its embedded rent reporting API allows “banks, fintechs, and credit unions to integrate rent reporting directly into their platforms”.
The company will also look to further expand Esusu Pay, a rent relief offering which allows renters to split monthly rent into two instalments aligned with income.
Following the latest decision by the Federal Housing Finance Agency in the US to include rental data in mortgage underwriting, Esusu also plans to use the new funds to further develop its rental data for underwriting offering.
The growth of these solutions will complement Esusu’s January acquisition of Celeri Labs, the fraud detection platform, as it gears up to launch its AI rental fraud detector Esusu Identity Services.
Source: https://www.fintechfutures.com/
