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Los Angeles, CA, February 22, 2024 — SoLo, the US’s largest community finance platform, and only Black-owned financial services Certified Benefit Corporation in the U.S. and Canada, today announced it was named to the 2024 Big Path Capital’s MO 100 Top Impact CEO Ranking. The annual list shines a spotlight on 100 CEOs who are championing a new way for the economic system, demonstrating that every transaction represents an opportunity to create positive outcomes for all stakeholders. Rankings are determined by a Force for Good score that considers a company’s growth rate and annual revenue, and its impact on people and the planet, which are measured through B Lab’s B Impact Assessment. The companies on the list include breakthrough ideas that have the ability to quickly upend markets and incumbent companies. SoLo was selected to this list alongside some of the world’s most socially innovative companies including Generate Capital, 3Degrees, Vital Farms, and CleanChoice Energy.

At #35, SoLo and its CEO Travis Holoway were chosen because of its groundbreaking community finance model where its members back each other, enabling people to borrow and lend from each other. SoLo is one of only a few fintech companies to make the list. With a focus on serving everyday Americans , SoLo’s selection speaks to the clear unmet need for financial innovation across middle class America, which has historically been overlooked.

More Americans than ever before, 254M Americans to be exact, are not banked correctly with many being Gen Z. They live with little savings, limited access to loans, and a few resources to grow the savings they do have. SoLo allows its lending members to make returns while making an impact, and provide its borrowers easy access to loans with transparent terms that they control. Our users have delivered nearly $300 million directly to underbanked communities by funding over 1 million requests for everyday necessities. Since launch, SoLo has surpassed market expectations by addressing a clear unmet financial need for Americans and by saving consumers more than $30 million in fees. Our platform has successfully delivered a solution that is more affordable, transparent and equitable than much larger financial institutions. We have a 93% repayment rate and a median funding time of less than 20 minutes, with 82% of members being from underserved zip codes.

“We’re proud to be selected by Big Path Capital’s MO 100 Top Impact CEO Ranking for SoLo’s progress and innovation around community finance. We’ve always been committed to driving positive and sustainable outcomes for our members and have consistently performed YOY as one of the best fintechs in the world. This is a testament to our progress–and to Big Path Capital’s belief in companies like SoLo who are truly making a difference,” said Travis Holoway, Co-Founder and CEO of SoLo.

The Impact MO 100 recognition comes on the heels of incredible momentum and expansion for SoLo. Earlier this month, the company officially became one of the largest community finance companies in the world, crossing nearly two million users. Additionally, in 2023 SoLo released its Cash Poor Report and proposed the concept of a Total Cost Rate (TCR) as a replacement for the outdated APR. Americans living paycheck to paycheck pay over $25 billion a year in fees when borrowing money. Subprime credit cards cost consumers $10.2 billion more in fees than peer-to-peer loans annually, according to the recent 2023 Cash Poor Report. SoLo is not only advocating for better access to capital, but also for more transparency to protect consumers when considering the total cost of borrowing.

Co-founders, Rodney Williams and Travis Holoway along with other winners will be honored at the 2024 MO Summit April 15-17 in Austin, TX, where there will be an award ceremony and dinner to celebrate the 100 Awardees.

For more information on SoLo please visit: https://solofunds.com

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About SoLo Funds
SoLo is the leading finance platform focused on underserved communities. Members borrow on their own terms, and lend to make industry leading returns or a social impact. As the only Black-owned fintech Certified B Corp in the U.S. and Canada, SoLo has emerged as the new financial services leader on pace to deliver $1B back into underserved communities by Q1 ‘24. The financial system has failed our communities, excluding them from returns and access to short term cash. SoLo created something different, something more human. They went back to the basics, creating a community where people could support each other financially. SoLo calls this community finance.

Media contact
Brennan Nevada Johnson
Brennan@brennannevadainc.com