Esusu, the savings and credit building app targeting 45 million Americans, has secured $1.6 million in seed funding to scale and expand its market share. The round was led by Acumen Fund with participation from Sinai Ventures, Kleiner Perkins, Katapult Accelerator, Plug and Play Tech Center, Global Good Fund, Temerity Capital Partners and prominent angel investors.
Co-founded by Abbey Wemimo and Samir Goel alongside founding team members Albert Owusu-Asare (CTO) and Robert Henning (CFO), the Esusu app helps people establish and build credit. The company is hoping to help the 45 million people in the US who don’t have a credit score by helping them build their credit profiles.
Esusu debuted its peer-to-peer savings app on iOS and Android in 2018. This year, it launched its signature rent reporting platform to give renters credit for making monthly payments.
Abbey Wemimo, co-founder and co-CEO, said:
“With the support of our strategic investors and partners, Esusu is poised for unprecedented growth and ready to scale to serve the millions of Americans struggling to save and create a financial identity.”
Samir Goel added:
“Our technology is capturing financial information that has never been recorded to equalize the playing field and increase access to capital and credit for millions that have been underserved by the financial system.”
In a press release announcing the fundraise, Esusu said the $1.6 million will allow it to scale, expand market share and focus on product development. The new funds will enhance the rent reporting platform, onboard new partnerships, and extend overall reach. There are also plans to grow the team – hiring in key leadership roles across sales, technology and operations.