Possible Finance Gets $10.5m, Aims for Softer Lending Policies

On June 6, 2019, Possible Finance announced its successful round of funding. The company closed a whopping $10.5 million in funding under the Series A equity financing, reports Mena FN.

The press release states that Canvas Ventures led the recent round of funding. Other participating investors who continued patronage and support for the technology company include Columbia Pacific Advisors and Unlock Venture Partners. According to Mena FN, Canvas Ventures co-founder Rebecca Lynn was the newest representative to come on board.

Tech Crunch notes that the total funding attained by business has now reached $13.5 million. This already includes the funding from the aforementioned investors as well as Columbia and angel investor Tom Williams.

About Possible Finance

Seattle-based Possible Finance focuses on offering loans to numerous individuals and borrowers who aim to build their credit history. Through the technology firm’s mobile applications available for both iOS and Android devices, customers can apply for a small investment loan up to $500.

The approach employed by the business does without traditional credit history check. Instead, Mena Fn notes that the company allows customers to link their financial and payment accounts to make repayments.

Grit and Edge

According to a report by Tech Crunch, payments made by consumers are reported to credit bureaus. This allows the individual concerned to boost his or her credit rating.

What sets this offering apart from its competitors is that it allows borrowers to pay back their dues with a longer timeframe. Possible Finance also reportedly provides lower annual percentage rates, hitting only the 150% to 200% range.

With the company’s funding, the press release notes that it hopes to expand its business to more states and to cater to more customers. As of writing, Possible Business offers services in California, Idaho, Ohio, Texas, Utah, and Washington.