Solvent is a financial empowerment platform that provides a digital banking account and credit-building services specifically designed for the financially excluded and underserved populations. By offering tools for credit repair, financial literacy, and entrepreneurship education, Solvent addresses the lack of access to traditional banking and credit resources for those impacted by systemic barriers.
Funding
$140K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Millions of Americans are unbanked or underbanked, lacking access to traditional financial services and credit-building opportunities due to systemic barriers and historical financial exclusion. This lack of access limits their ability to build credit, save money, and achieve financial stability.
Solution
Solvent provides a financial empowerment platform designed specifically for system-impacted, financially excluded, and underserved individuals. The platform offers a digital banking account, a debit card, and credit-building services that report bill and rent payments to credit bureaus, enabling users to build credit without incurring debt. Solvent also provides access to financial literacy and entrepreneurship education content, empowering members to rebuild and optimize their financial lives. By offering these tools, Solvent aims to facilitate financial inclusion and wealth building within underserved communities.
Target Audience
Solvent targets system-impacted individuals, the formerly incarcerated, socioeconomically disadvantaged communities, and the unbanked and underbanked populations who lack access to traditional financial services.
Features
- Digital mobile bank account and debit card for everyday transactions
- Credit-building service that reports bill and rent payments to credit bureaus
- Access to a future credit card or secured credit card for credit invisible/unscored individuals
- Curated financial literacy content in micro-learning format covering financial health, credit, budgeting, saving, and investing
- Entrepreneurship education content focused on small business and startup building
- Mobile app available for both Apple iOS and Android smartphones