Immigrant-Founded Fintech Startup Tomo Credit Reaches 4 Million Customers Without Paid Marketing

As an immigrant myself, I founded Tomo Credit to empower others like me to access financial opportunities without the burden of credit scores, growing from just 10,000 customers to nearly 4 million in the US and aiming for another 200% growth this year.

1. Chrisy Kim is the founder and CEO of Tomo Credit, a fintech AI startup based in San Francisco.
2. Tomo Credit was started to help immigrants and international students obtain credit, loans, and financial services.
3. The company has received investment from Barclays UK bank and has experienced rapid growth, especially during the COVID-19 pandemic.
4. Chrisy Kim and her co-founders were motivated to start Tomo Credit due to their own experiences facing difficulties obtaining credit and loans as immigrants.
5. A major challenge for immigrants in building credit is the lack of a credit history, which can be disadvantageous in credit score formulas.
6. Tomo Credit aims to help those without credit scores by assessing their bank account information and creating a proprietary “Tomo score.”
7. The company initially struggled to convince banks to approve customers without credit scores, as banks are typically risk-averse and hesitant to be first movers in adopting new practices.
8. Tomo Credit took the initiative to build its own underwriting system and lending platform when traditional financial institutions were unwilling to do so.
9. The company now has a competitive advantage, as it has developed a successful model for assessing creditworthiness without relying on FICO scores.
10. Tomo Credit does not share private customer data with lenders; instead, it uses anonymized data to build models that predict the likelihood of repayment.
11. The company's approach has garnered interest from other financial institutions looking to learn from and potentially partner with Tomo Credit.
12. Tomo Credit's target market includes legal immigrants, international students, and even some Americans who lack credit scores.
13. By analyzing bank account information, Tomo Credit can assess income, spending power, and disposable income to make lending decisions.
14. The company originally wanted to provide APIs to banks for lending but had to build its own lending platform when banks were unwilling to participate.
15. Tomo Credit's risk management team is crucial in ensuring that the company maintains a balance between innovation and responsible lending practices.
16. The company has a social mission to help people build better futures, especially those who have been rejected by traditional financial institutions.
17. Chrisy Kim encourages young entrepreneurs to focus on their strengths rather than dwelling on perceived weaknesses.
18. Tomo Credit aims to become a major brand and resource for immigrants in the United States.
19. The company hopes to empower future generations of international students by eliminating barriers to credit and loans.
20. Chrisy Kim's personal experiences with rejection and struggles in obtaining credit have motivated her to create a more inclusive financial system through Tomo Credit.
21. Tomo Credit's success demonstrates the potential for innovative fintech solutions to address gaps in traditional financial services.
22. The company's approach to underwriting and lending has the potential to influence other financial institutions and improve access to credit for underserved populations.
23. Chrisy Kim's advice to aspiring entrepreneurs emphasizes focusing on one's strengths and building a strong team to complement areas of weakness.
24. Tomo Credit's growth and impact showcase the power of determination, innovation, and a commitment to social responsibility in the fintech industry.

Source: EO via YouTube

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