How we got here
The idea
Aisha's cousin took out a payday loan of $300 to cover a car repair. After rollover fees, she paid $700 back. Aisha quit her bank job that same week and started writing the business plan with Marcus.
MobiLoans launches
Public beta in Florida only. 4,200 sign-ups in the first month, 18,000 by Q4. Our first $1 million in loans funded. We bootstrapped with Aisha's savings and a $750k seed round from Florida-based VCs.
Expansion to 30 states
COVID-19 hit. Demand for emergency loans tripled. We launched our hardship program (90-day free pause) and helped 84,000 members through job losses. Series A: $18M from Andreessen Horowitz.
Credit Builder launched
We added our Credit Builder product after thousands of members asked for help fixing their credit. Within 6 months, the average user lifted their score by 78 points. 1 million total members.
48-state coverage
Hit 3 million members. Series B: $90M led by Sequoia. Moved into our new HQ at 200 Brickell Avenue. Launched 24/7 human support — no chatbots, ever.
5 million members, $2.1B funded
Forbes Fintech 50. Fast Company "Most Innovative." Inc 5000. None of it matters as much as the email from a member in Houston who said our $1,200 loan saved his job by getting his car fixed in time. That's the work.
Just getting started
Working on new products: a high-yield savings account, a credit card for thin-file members, and an "automatic emergency fund" feature. The next 10 million members will get something even better than the first 5 million did.