Atlanta-based fintech lender VIVA Finance has secured over $6 million in funding from a diverse group of investors to accelerate its nationwide expansion and provide underserved consumers with access to affordable credit.
Having primarily operated in the Southeast, VIVA plans to use this latest funding round to invest in its team, technology, and marketing to expand its footprint across the country.
"I am thrilled at the opportunity to amplify our nationwide impact and equip more consumers with the tools to achieve financial freedom," said VIVA Co-Founder and CEO Jack Markwalter. "This latest funding round will be instrumental in helping us to expand our mission of building an inclusive financial system."
VIVA's latest equity raise follows the company's strong financial performance in recent months. For the just-ended quarter, VIVA's revenue soared more than 800% compared to the same period a year ago.
Unlike typical lenders that underwrite loans based primarily on credit score, VIVA offers loans based on employment history, thereby expanding access to affordable credit products for Americans who may have limited financial options due to a lack of credit history.
While there is no credit score requirement for VIVA's loans, borrowers can build their credit through on-time repayment. VIVA's loans are serviced automatically through payroll, which makes repayment effortless while providing a built-in budgeting mechanism. VIVA also offers financial education resources with the goal of impacting lasting change on borrowers' financial health.
"We started VIVA because we were determined to eliminate the barriers that prevent many Americans from accessing affordable credit," said VIVA Co-Founder and COO Hodges Markwalter. "With our Series A funding, we will be able to advance our proprietary underwriting technology while also scaling up our customer acquisition channels to improve the lives of more people."
About VIVA Finance
VIVA Finance powers a mobile-first lending platform that offers loans underwritten primarily based on employment information, rather than credit history. VIVA's mission is to build an inclusive financial system by expanding access to affordable credit through its alternative underwriting model. Launched in early 2019, VIVA has originated tens of millions of dollars in loans to help working Americans refinance expensive debt, cover a variety of financial needs, and build credit. Learn more at www.viva-finance.com.
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