May 9, 2023
SoLo Announces Regulatory Pathway bringing the Community Finance Platform back to California Residents
Los Angeles, CA, May 9th, 2023 /PR Newswire/ – Today, SoLo Funds, Inc. announces an agreement with the California Department of Financial Protection & Innovation, to resume operations in the State of California. SoLo is based in Los Angeles with nearly 100 employees, and is bringing a fintech company to the market powered by real people helping people.
“Today’s announcement builds upon the momentum of last week’s announcement that we will be resuming business in the District of Columbia,” said Kyle George, SoLo’s Head of Regulatory & Government Affairs. “It was a pleasure working with the consummate professionals at the California DFPI to identify a clear pathway for SoLo to serve our home state of California.”
“Back in February, we announced the addition of General Counsel Collin Schwartz, Kyle George, and Former DFPI Commissioner, Manny Alvarez to our team,” said SoLo President, Rodney Williams. “We are delighted with the progress this team is making with state attorneys general, legislators, and regulators, to bring community finance to underserved and underbanked communities. This is a win for community finance, which seeks to provide options to borrowers who are otherwise denied opportunities to access small-dollar, short-term capital.”
SoLo is the only Black-owned fintech Certified B Corp in the U.S. and Canada, and its innovative business model has drawn over 1 million users to sign up on the platform. SoLo also recently made CNBC’s Disruptor 50 list recognizing the world’s most disruptive and innovative companies. To date, its users have funded over 800,000 loans, making it the largest black owned personal finance solution in US history. SoLo has accomplished this feat while reaching an all time high repayment rate of 93%, and a Net Promoter Score (NPS) of 90.
“In the coming months, SoLo will provide additional details regarding when we will be available to Californians,” said George. “More Americans than ever are cash-poor and living paycheck to paycheck, so we are working as quickly as possible to return to California to help our neighbors when they experience financial setbacks.”
Founded by two best friends, Travis Holoway and Rodney WIlliams shared intimate experiences of family and loved ones needing access to short-term loans where in most cases they had to go without. They designed a solution that is providing short-term access to capital and returns at scale that has never been done. With limited funding, SoLo has emerged as the new financial service leader on track to deliver $1B back into underserved communities by Q1 ‘24.
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Read our announcement on PR Newswire.