VIVA Finance, an Atlanta-based fintech lender startup has announced the completion of its Series A funding round at $6.2 million.
The funding round counted with participation from a diverse group of investors and will allow the startup to accelerate its expansion across the US while assisting underserved consumers to access affordable credit. This investment comes after the startup’s strong financial performance in recent months as VIVA Finance has seen its revenue soar by more than 800% compared to the same period a year ago.
Founded in early 2019 and headquartered in Atlanta, the startup offers a mobile-first lending platform. While other lenders are based primarily on credit scores to underwrite loans, VIVA offers loans based on employment history, helping expand access to affordable credit products for Americans who may have limited financial options due to a lack of credit history.
By using this alternative underwriting model, the startup not only does not require credit scores but also allows borrowers to build their credit through on-time repayments. VIVA’s loans are delivered automatically via payroll, which makes the repayment process effortless. In addition, the lender platform also offers financial education resources aiming to impact lasting change on borrowers’ finance. Hodges Markwalter, Co-Founder and COO at VIVA said referred to this approach by stating:
“We started VIVA because we were determined to eliminate the barriers that prevent many Americans from accessing affordable credit. With our Series A funding, we will be able to advance our proprietary underwriting technology while also scaling up our customer acquisition channels to improve the lives of more people,”
Since its launch, the fintech lender startup has offered tens of millions of dollars in loans, helping Americans cover a variety of financial needs, refinance expensive debt, and build credit. VIVA Finance is mainly operating in the Southeast of the US but is set to invest in its workforce, technology, and marketing in order to expand its service to more areas in the country.