We’re gratified to be able to introduce this foundational tool that can help put customers on a path to financial health. Its software let the users demonstrate their creditworthiness without the need for a bank account, credit card, or credit score and offers loan to kick off payment history to start building credit. For them and so many others, we wanted to create a better way to build good credit than existing offers in the market. Kikoff is a personal finance platform that offers credit-building solution.

Says Chen: 'There are many Americans who don't come from affluent families and have tons of student loan debt. They each have a unique interest rate, require a different minimum monthly payment, and vary significantly in their repayment terms. Credit builder loans come in all shapes and sizes. The company will be using some of the newly raised funds to build out its technology and its team, across all function areas, to bring new products to market. MCU (Prosperity Builder Loan) TransUnion, Equifax, and Experian. Kikoff says it plans to build an entire financial ecosystem that will help users do things like build savings and get mortgages. Both the line of credit and credit-builder loan come with 12-month terms. It offers an interest free line of credit that can be used within the kikoff store only with low payments that will be reported to the credit bureaus monthly.

The firm was founded by former Capital One and OnDeck executive Cynthia Chen and ex-Facebook and Square man Christophe Chong. A Kikoff line of credit comes with a credit line of 750. Kickoff offers an opportunity for rebuilding, or building, a positive credit score.

The product is free, with zero interest: customers apply for a $500 revolving line of credit which helps to build history, allowing purchases at Kikoff’s online store.īy using the account, within months, Kikoff customers can become eligible for better interest rates, competitive credit cards and home mortgages, among other things. The Kikoff Credit Account is designed to help young Americans establish and build their credit. High profile angels, including basketball superstar Stephen Curry, Wex CEO Melissa Smith and former CFO of the US Department of the Treasury, Teresa Ressel, have also made investments. The startup recently closed a $30 million Series B round led by Portage Ventures, following up a Series A led by Lightspeed Venture Partners.

Kickoff credit