Many consumers lack sufficient credit history or a credit score, preventing them from accessing affordable loans, credit cards, and other financial products. At the same time, routine expenses such as rent and utility bills are not reported to credit bureaus, missing an opportunity to demonstrate payment reliability. This creates a catch‑22 where credit is needed to build credit, and savings growth is limited for those with poor or no credit.
Funding
$50M 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
Many consumers lack sufficient credit history or a credit score, preventing them from accessing affordable loans, credit cards, and other financial products. At the same time, routine expenses such as rent and utility bills are not reported to credit bureaus, missing an opportunity to demonstrate payment reliability. This creates a catch‑22 where credit is needed to build credit, and savings growth is limited for those with poor or no credit.
Solution
Self offers an integrated fintech platform that combines credit‑building and savings tools in a single mobile experience. Users open a Credit Builder Account, a secured installment loan backed by a bank‑held certificate of deposit; monthly payments are reported to all three major credit bureaus, establishing a positive payment history while simultaneously growing a savings balance that is returned at loan completion. The Self Visa® secured credit card lets members convert their accumulated savings into a low‑deposit credit line (minimum $100) without a hard credit inquiry, and every card payment is also reported to the bureaus. A free rent‑and‑bills reporting service connects users’ bank accounts to automatically submit on‑time rent and utility payments to the credit bureaus, turning a large monthly expense into a credit‑building signal. For unexpected short‑term cash needs, Self Cash provides instant wage advances with transparent fees and repayment aligned to the user’s payday, all without affecting the credit score. The platform’s mobile app consolidates account management, payment scheduling, and real‑time credit monitoring, giving users a clear path to improve creditworthiness and build savings simultaneously.
Target Audience
The primary customers are U.S. consumers with limited or no credit history—including renters, gig‑economy workers, and low‑to‑moderate‑income individuals—who want to establish or improve their credit scores while simultaneously building a savings cushion.
Features
- Credit Builder Account: secured CD‑backed installment loan with monthly payment reporting to Equifax, Experian, and TransUnion; funds are returned (minus interest/fees) after 24 months.
- Self Visa® Secured Card: $100 minimum security deposit (funded from the Credit Builder Account), no hard credit pull, $0 introductory annual fee (then $25), and full transaction reporting to all bureaus.
- Rent & Bills Reporting: free automatic reporting of on‑time rent and utility payments to the three credit bureaus; optional retroactive reporting for a one‑time $49.95 fee.
- Self Cash (earned‑wage access): cash advances of $25–$300 delivered instantly or within 3 business days; fees range $3.99–$14.99; repayment scheduled to match the user’s payday, no credit check or impact on credit score.
- Mobile App & Dashboard: real‑time view of credit score, payment history, savings balance, and upcoming due dates; push notifications for payment reminders and credit‑building tips.
- Transparent Pricing: interest rates on Credit Builder plans (15.5%–15.9% APR), clear fee schedule for cash advances and optional rent reporting, and no hidden monthly charges.
- API‑Ready Reporting: automated data feeds to the three major credit bureaus ensuring timely and accurate tradeline updates.