Possible Finance is a fintech company that provides people with the financial tools to overcome day-to-day challenges, protect themselves in an emergency, and build towards a better future.
Possible Finance's mission is to bring financial fairness to underserved communities.
Possible Finance was founded in 2017 by Tony Huang, Tyler Conant, and Prasad Mahendra. The company is headquartered in Seattle, Washington.
Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee.
Possible uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath.
Possible, by reporting on-time payments to the credit bureaus, enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.
Possible Finance is backed by Canvas Ventures, Union Square Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, FJ Labs and others. The company raised $11M in a Series B round, as well as $80M in a new Debt financing from Park Cities Advisors, on Oct 20, 2020. This brings Possible's total funding to $137.5M to date.