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🦄 Unicorner Startup of the Week: SoLo Funds
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✍️ Notes From The Editors
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Community-funded financial assistance
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SoLo is a community that allows members to easily access and supply short-term funds for immediate needs. This peer-to-peer lending community works together to create mutually beneficial outcomes. The company is also improving the financial health of both lenders and borrowers by adding educational features and services.
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💰 Business Model
SoLo offers zero-interest loans and lets borrowers set their terms with lenders. Since they are a two-sided marketplace, the majority of revenue comes from lender activities which are associated with specific fees based on the loan amount provided and the terms of the transaction.
📈 Traction and Fundraising
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Since platform launch in 2018, processed over 100,000+ loans and helped over 300,000+ users
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Partnered with Visa and Kiva and poised to enable $10 million in loans
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Participated in Techstars Kansas City accelerator in 2018
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Raised $10 million in Series A from Techstars, ACME Capital, Impact America Fund, and more
👫 Founder(s)
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Travis Holoway, CEO: Previously Director of Training and Development @ Northwestern Mutual, Undergraduate @ University of Cincinnati
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Rodney Williams, Chairman: Currently Chief Commercial Officer and Co-Founder @ LISNR; Previously Brand Management @ Procter & Gamble, Finance & Supply Chain Management MBA @ Howard University, Integrated Marketing Communications MS @ West Virginia University, Economics BA and Finance BBA @ West Virginia University
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Jarrel Carter, Director of Marketing: Currently A&R Coordinator @ Roc Nation, Founder and CEO @ Carter Wisdom Management; Previously Business Administration Management and Operations BS @ Salem University
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Taylor Bruno, Design Advisor: Currently Product Designer @ Netflix; Previously Senior Product Designer @ Oscar Health, Senior Product Designer @ Forcepoint, Design Director @ RedOwl Analytics, Graphic Designer/Manager of Media Innovation @ AT&T AdWorks, Design and Management BBA @ Parsons School of Design - The New School
🔮 Our Analysis
The community aspect of financial assistance is core to what SoLo is. Being able to access short-term loans to pay off immediate needs from a vetted lender through a secure transaction creates a positive transaction environment. The ability of the borrower to set the terms of repayment also paves the way for individuals to work toward financial autonomy. There is a lot of potential for growth in this space because, as user traction increases, more personalized services can be offered and higher loan amounts can be provided. The marketplace makes it so loans can be given and taken out faster, which means individuals can access funds instantaneously to meet their needs. Lending and borrowing can be a risky environment and SoLo offers full transparency so these transactions can happen in the most mutually beneficial and safest way.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
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🎁 Bonus Content!
We've often had people reach out to us asking how to write good articles. So, in honor of Y Combinator's 16th birthday, we're sharing Paul Graham's recent essay, " Write Simply," for all the aspiring writers out there. |
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