TomoCredit, the female, immigrant-founded credit card lending to over 40 million credit-invisible immigrants and international students with no credit history in the U.S, announced it raised $122 million in equity and debt.
The round’s investors include Morgan Stanley’s Next Level Fund, MasterCard, and debt from Silicon Valley Bank. The round was oversubscribed by major fintech investors and culture funds including GoldHouse, Asian Hustle network, and Hyphen Capital.
TomoCredit’s proprietary underwriting algorithm (Tomo Score) has successfully identified high potential borrowers without a credit score and seen a huge market demand for its first product— the TomoCredit card. The TomoCredit credit card requires no credit check, no deposit, no APR, and no feeds.
TomoCredit is using the new capital to expand its credit product offerings including auto loans and mortgages with its innovative underwriting solutions, it said in a press release.