• TomoCredit is a fintech lender that offers credit to people with little or no credit history.
• It lifted its Series A led by Kapor Capital and KB Investment on Wednesday.
• Here’s the 17-page pitch deck he used to raise $ 10 million.
• See more stories on the Insider business page.

Kristy Kim knows firsthand the challenge of obtaining credit in the United States without an established credit history.

Kim, who arrived in the United States from South Korea, was initially unable to access credit despite his job in the investment bank after graduating from college.

“I was in my 20s, had a good income, my job was in investment banking but I couldn’t get approval for anything,” Kim told Insider. “A lot of young professionals like me, we deserve an opportunity to be considered, but just because we didn’t have a Fico we didn’t even have the chance to apply,” she added.

Kim launched TomoCredit in 2018 to help others like her access consumer credit. TomoCredit spent three years creating an internal algorithm to guarantee clients based on cash flow rather than a credit score.

The algo uses Finicity, owned by Mastercard, to access the customer’s bank account data. TomoCredit is expected to issue a total of 500,000 Mastercard credit cards by the end of the year, Kim said.

TomoCredit raised $ 10 million on Wednesday for its Series A, bringing its total funding to $ 17 million. The round was co-led by Kapor Capital and KB Investment, which is a subsidiary of a South Korean consumer bank, with participation from Lewis & Clark Ventures.

Analysis by the San Francisco-based fintech of Consumer Financial Protection Bureau data estimates that 75% of Gen Z and Gen Y have no credit history. And about 48.9 million adults were considered underbanked, meaning they had a checking or savings account but still used alternative financing services, such as payday loans and securities lending. automobiles, according to 2017 data from the Financial Deposit Insurance Corporation on the unbanked and underbanked. households.

With the new capital, Kim will double her employee base to 60 people, with most of the new hires focusing on artificial intelligence engineering to bolster fintech’s underwriting algorithm, she said. . A handful of new hires will help flesh out the risk management team, she added.

Here’s the 17-page pitch deck that TomoCredit used to raise its $ 10 million Series A.

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