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Possible Finance raises $11m over Zoom; makes remote working permanent

Possible Finance raises $11m over Zoom; makes remote working permanent

Possible Finance, a Seattle-based digital short-term lender for people with poor credit, has been adjusting to the Covid-29 economy, raising $11 million in funding via Zoom calls and making the long-term switch to remote working.

Possible lets people borrow up to $500, using real-time bank data, rather than credit scores, to make lending decisions.

However, it distinguishes itself from payday lenders by giving borrowers longer to pay back their loans and by helping them build up their credit score by reporting installment payments to the three major credit bureaus.

The firm says it closed an $11 million Series B funding round earlier this year, bringing in lead investor Union Square Ventures after a series of Zoom calls during the lockdown.

Possible has also secured $80 million in new debt financing from Park Cities Advisors, using the money to hand out more loans and to embark on a hiring spree around the world.

This has been made possible because the startup, like many others, has transitioned to remote work, permanently converting its Seattle office to a co-working space.

Tyler Conant, CTO, Possible Finance, says: "Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission."

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