TomoCredit, a fintech credit builder for immigrants, lands $122 million in equity and debt funding


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By Zoran Temelkov July, 2022

Fintech startup, TomoCredit, raises $122 million in equity and debt funding to support the expansion of its offerings that remove the need for credit scores or FICO scores. The equity funding was backed by Morgan Stanley’s Next Level Fund, MasterCard, GoldHouse, Asian Hustle network, and Hyphen Capital. The debt funding was offered by Silicon Valley Bank. It should be noted that this funding round was oversubscribed.

TomoCredit plans to expand its product base to include mortgages and auto loans along with its credit card products. The company targets around 40 million immigrants and international students without a credit history, as well as Americans and gig workers facing the same problem.

The company was launched in 2019 and currently offers up to a $10,000 credit limit with no history required, $0 fees and 0% APR while offering an established rewards system. TomoCredit also enables its customers to build credit scores by reporting to the major credit bureaus. According to information provided on the company’s website, the fintech startup currency has a customer base of more than 30,000 users.

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