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Press

Our mission at SoLo is to make a positive impact on the underbanked by providing financial resources to groups of responsible, yet largely ignored, people. You can read more about the work that we’ve done so far here.

For all enquiries: press@solofunds.com

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February 20, 2024

The Uphill Battle That Fintechs Face In Reducing The Racial Wealth Gap

In today’s financial landscape, big banks and traditional players prioritize making money off of cash-strapped communities.
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February 20, 2024

58 Black investors changing the venture capital industry with firms that fund diverse startup founders

SoLo Funds is listed in this Business Insider article as a notable investment of Kevin Moore, Serac Ventures and Marlon Nichols, MaC Venture Capital.
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February 14, 2024

EP 204: Rodney Williams, SoLo Funds

Finovate Podcast Episode 204: Rodney Williams, SoLo Funds
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February 14, 2024

SoLo Funds nears 2M users

The peer-to-peer lending platform has faced some regulatory backlash, but a study from London’s Centre for Economics and Business Research shows it’s cheaper than many other subprime options.
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February 8, 2024

824. Insights: Fighting civil inequality with fintech

In celebration of US Black History Month, our expert host Kate Moody, Strategy Director at 11:FS, is joined by some great guests to discuss civil inequality in the banking system.
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February 7, 2024

Brennan Nevada Inc Lands SoLo as AOR and Celebrates Growth During Black History Month

Brennan Nevada Inc., which bills itself as the only New York-based Black, female-owned PR and media agency for tech companies and startups, has landed SoLo, the largest Black-owned personal finance company in the U.S.
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January 30, 2024

Be Well: Tips on how to manage student loan debt

Rodney Williams, President and co-founder of Solo, has tips on how to manage your student loan debt.
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January 16, 2024

Want to Start a Company With a Friend? Read This First.

Use this five-item checklist to make sure the two of you align on business goals, among other things.
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January 12, 2024

Op-ed: Why do VCs fund founders like Sam Bankman-Fried and Elizabeth Holmes but not Black entrepreneurs?

The founder of SoLo Funds lays out the experience of many underrepresented founders who are put through the paces while other shadier founders get millions.
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November 17, 2023

Bankrate’s 2023 Review of SoLo Funds App Personal Loans

Explore Bankrate's 2023 SoLo Funds review: a unique no-interest, community-driven lending platform. Get insights on user-friendly loan terms and peer-based financing.
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October 5, 2023

How Junk Fees Hammer Those Who Can Least Afford It: 4 Ways You Can Avoid Them

Junk fees on financial accounts hurt people living paycheck to paycheck the most. Full stop. How do you avoid junk fees? Here are some tips.
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September 1, 2023

Startup Radar: VCs on Black-founded startups you need to know

Founded by two Black men, SoLo Funds has achieved success despite being grossly underfunded—a testament to the scrappy nature of Black founders. It is one of the fastest growing fintech companies in the last 10 to 20 years based on loan volume and is an impact and financially motivated B Corp.
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August 24, 2023

Who Pays the Most in Junk Fees? You Probably Won’t be Surprised

Who is paying the majority of financial services “junk fees?” A new report from Solo Funds suggests most of that money is coming from holders of subprime credit cards, which account for $11.5 billion in additional fees each year, according to an analysis by Fortune. “These fees encompass the annual percentage rate, plus subscription fees, late fees, fast payment processing fees, application fees, monthly maintenance fees, new card fees, and ATM fees,” Fortune reporters. Following the holders of subprime credit cards, the consumers payday loans ranked in the study as the second most costly option—roughly $6 billion in additional fees annually. Fintech solutions, such as earned wage access and peer-to-peer lending, amounted to $1.3 billion in annual fees, Fortune said.
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August 9, 2023

Cash-poor Americans are paying $25 billion in hidden ‘junk fees’ each year–but there’s a simple solution to protect them

Facing inflation and unexpected expenses, cash-poor Americans are turning to credit cards, loved ones, pawn shops, and even crime. Despite President Biden’s stand against "junk fees", they continue to exert an escalating burden. A new study makes the case for replacing the misleading Annual Percentage Rate (APR) with a Total Cost Rate (TCR), so that consumers can understand how much they will be expected to pay.
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August 3, 2023

SoLo Funds breaks million-customer mark, challenges the status quo

When Daniel Carter went through a divorce a few years ago, the financial toll it took lowered his credit score. On SoLo's platform, getting a loan was easy, as was paying it back, Carter said.
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July 27, 2023

How access to finance can end the debt cycle for Africans

Travis Holoway, CEO of Solo Funds says until high costs and predatory loan services are brought to the barest minimum, Africa's working population will continue to remain in a cycle of debt. While speaking with CNBC Africa, he says loan platforms should focus their underwriting strategy more on customers propensity to pay while exploring other non-traditional credit scoring methods.
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July 25, 2023

6 handy black-owned apps you should download now

SoLo Funds is a peer-to-peer lending platform that allows members to loan or borrow money from $20 to $575. Founded by Travis Holoway and Rodney Williams, the app launched in 2018 and has since surpassed 900,000 users and $160 million in transactions.
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July 18, 2023

FinTech in Focus

Solo Funds, a community-lending platform created to offer credit to the underbanked and those long shut out of the lending process due to pervasive discrimination, published its annual Cash Poor Report on the costs of living paycheck to paycheck.
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July 7, 2023

I’m cofounder of a Black-owned certified B-Corp tech startup. Here are the 3 most important lessons I learned

Becoming a B-Corp doesn’t happen overnight and tech companies should expect a steep learning curve. It wasn’t easy by any means, so if you’re thinking about doing the same, or are curious if it’s worth it, here’s what you should know first.
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July 5, 2023

SoLo Funds to bring peer-to-peer lending platform to Nigeria

Peer-to-peer lending platform SoLo Funds is expanding to Nigeria as the Los Angeles-based fintech looks to launch its micro financing services on the international stage. Nigeria’s growing fintech sector made the region an attractive entry point to the continent, SoLo Funds founder Rodney Williams said.
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June 29, 2023

SoLo Funds, peer-to-peer loan platform for underserved banking consumers, is expanding to Nigeria

SoLo Funds, a community lending platform that has grown to over one million users in the U.S., is expanding to Nigeria, its first international market.
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June 28, 2023

Why junk fees run deeper than Taylor Swift tickets

The war against “junk fees” isn’t just confined to Taylor Swift tickets, with some credit cards also guilty of obfuscating pricey charges that can blindside consumers. Our current inflationary era has come with rising financial insecurity, which many consumers are navigating by relying heavily on credit. That has amplified a “cash poor” problem of those living paycheck to paycheck; some of those people may tap alternative payment options like payday loans and "buy-now-pay-later,” according to SoLo Funds, a community finance platform.
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June 27, 2023

Aspen Ideas Festival: Williams slams financial literacy programs

“There’s two people: people with money and people without money. The only way you know how to handle money is to have money,” Williams continued. “It’s that simple. You have to give people money, and you have to give them rules to learn. That’s it.”
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June 27, 2023

SoLo Funds and Global Black Economic Forum release 2023 Cash Poor Report, call for Congress and state regulators to end junk fees in borrowing, adopt Total Cost Rate over Annual Percentage Rates

SoLo Funds and the Global Black Economic Forum released the 2023 Cash Poor Report, a survey of adults in the United States living paycheck-to-paycheck who have experienced at least one unplanned expense in the past twelve months. The report found adults living paycheck to paycheck in the US face nearly $2,000 in unplanned expenses each year.
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June 16, 2023

Amid the frenzy of Cannes, many feel Juneteenth has been swept by the wayside

"Unfortunately, the industry is not doing enough to commemorate the holiday. It's never done enough. It was an afterthought in 2019, it became a rally point for 2020 and by 2023 it has returned to the normal state of false promises. As a Gold Cannes Lion winner, I haven't returned to Cannes since 2019. I'm torn. We need to hold ourselves accountable to the change that we want to see," said Rodney Williams, co-founder of SoLo Funds.
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June 14, 2023

SoLo Funds on Bloomberg Markets: Americas

On "Bloomberg Markets", Henrietta Treyz, director of economic policy research at Veda Partners, and Rodney Williams, SoLo Funds co-founder, talk with Bloomberg's Matt Miller and Katie Greifeld about the FOMC, fiscal policy, paycheck surveys and market movers.
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May 25, 2023

SoLo Funds is a great community finance app for borrowing and lending money

SoLo Funds provides a community finance solution where borrowers and lenders can connect and work together toward achieving their financial goals. It’s an excellent option for those looking for short-term financial assistance.
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May 23, 2023

Black founders needed SVB

Many people have noted that SVB was willing to throw its support behind businesses that other financial institutions wouldn’t touch. For minority entrepreneurs, that support was especially important. Without it, we risk losing what little progress the tech community has made in the past decade in diversifying its ranks.
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May 16, 2023

SoLo announces Connecticut state resolution bringing the community finance platform back to residents

This announcement follows previous announcements of resolutions in DC and CA, and the company's listing on CNBC's 2023 Disruptor 50 List. All resolutions include no admission of wrongdoing as well as a clear path forward for SoLo to continue to serve in each jurisdiction. SoLo is one of the more affordable solutions to consumers being ½ the total cost of subprime credit cards over a 12 month period per noted report.
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May 10, 2023

Roland Martin Unfiltered: Tech Talk

In tonight's Tech Talk, the first black-owned personal finance platform to reach 1 million users, SoLo Funds, provides capital access to people who find it difficult to borrow money from traditional financial institutions.
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May 10, 2023

Use of small-dollar loans is up as inflation, credit crunch stretch wallets

SoLo Funds, ranked No. 50 on the 2023 CNBC Disruptor 50 list, has seen more users taking advantage of its peer-to-peer lending for small-dollar loans amid this economic climate. Investors chasing yield are also more willing to fund these loans, which recently surpassed $200 million.
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May 10, 2023

Disruptor 50: SoLo Funds model of community finance

Travis Holoway, co-founder and CEO of SoLo Funds, discusses how the fintech platform has grown since its founding in 2018, and aims to serve economically-disadvantaged communities worldwide.
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May 9, 2023

SoLo announces regulatory pathway bringing the community finance platform back to California residents

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.
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May 9, 2023

The 2023 CNBC Disruptor 50: How we chose the companies

The companies on the 2023 Disruptor 50 List are tackling some of society’s biggest challenges across sectors, from health care to energy, the supply chain and finance. The 2023 list also features the first founder to have two companies make the Disruptor 50 (Rodney Williams of SoLo Funds).
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May 9, 2023

CNBC Disruptor 50: SoLo Funds

The banking system leaves out a lot of people — cutting them off from access to capital, whether it’s for a new car, a house, or to start a business. Travis Holoway and Rodney Williams saw the negative impact this had on their friends and family who needed access to short-term loans but had to go without. The experiences spurred them to start SoLo Funds, a community finance platform where members borrow and lend to make a return or a social impact.
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May 9, 2023

These are the 2023 CNBC Disruptor 50 companies

In the eleventh annual Disruptor 50 list, CNBC highlights private companies that are chasing some of the market’s biggest opportunities, and growing despite a tough capital markets environment and slowing economy. The 50 companies selected using the proprietary Disruptor 50 methodology have raised over $54 billion in venture capital, according to PitchBook and company data, at an implied Disruptor 50 valuation of more than $362 billion.
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May 5, 2023

SoLo announces regulatory resolution bringing the community finance platform back to District of Columbia residents

Over the past few months, we've worked closely with lawmakers, state regulators, and attorneys general to educate them about what we do, to seek resolutions such as the one I am here to announce today. This is a proud moment for SoLo Funds, our community, and the District of Columbia.
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March 27, 2023

Meet Ese, a new finance platform for Black women to build wealth while supporting each other

The wealth gap is real, especially when it comes to Black women. Closing the gap is the primary goal of a solution called Ese, that’s focused on improving the financial lives of those in the community. Ese is the first financial solution specifically designed for black women. Developed in partnership with Essence and SoLo Funds, Ese has a name inspired by the Adinkra concept of Ese Ne Tekrema, a symbol of interdependence, friendship, advancement, improvement, and growth. It’s a perfect name when you consider what Ese offers. Ese members can set their terms for an emergency loan in just a few clicks. In turn, loan requests go to a marketplace where other members can choose a loan to fund and make a return. Perhaps the most important aspect of Ese is its ease of use. Everyone is welcome, and there’s no approval process. Members requesting a loan select a loan amount, payback date, and optional tip as appreciation for the lender. Besides receiving a modest return, those who lend to other members do so knowing they are helping Black women in times of need.
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March 20, 2023

P2P lending vs. traditional lending

What Is Peer-to-Peer Lending? Peer-to-peer lending is a way for people who need a loan to borrow money directly from investors, rather than from banks and other lenders. Peer-to-peer lending was first made popular in the mid-2000s. The idea was to connect investors who wanted to earn interest on loans with borrowers looking for a loan. You can apply for P2P loans through online P2P lending platforms that handle all the logistics—verifying the identity of the borrower, setting the credit requirements, transferring the money and collecting repayments. The platform might also keep both parties' identities anonymous, only sharing information about the borrower's loan request and credit. Some companies are sticking with a more direct borrower-to-lender relationship. For example, Solo Funds, one of the largest Black-owned personal finance platforms, has a marketplace for emergency loans. It offers a more personal experience than other P2P platforms because lenders see the borrower's first name and last initial, the reason they want the money, their history on the platform, a score and the tip they're offering lenders.
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February 22, 2023

SoLo Funds brings on three industry veterans: Collin Schwartz as General Counsel, Kyle George as Head of Government & Regulatory Affairs, and Manny Alvarez as Advisor

The largest Black-owned fintech startup continues to invest in growth with new executive leadership.
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February 21, 2023

45 leading inclusive fintech startups who are making a difference in 2023

Here are the top 45 inclusive fintech startups and companies you should know in 2023. SoLo is a financial service provider enabling a marketplace where members can request and fund emergency needs. SoLo launched in 2018 with the goal of providing a lending alternative that was equitable, empowering, and community-driven.
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February 17, 2023

Investing in the underbanked: an opportunity at the intersection of fintech and proptech

According to a 2019 report by the Federal Reserve, approximately 63M US adults are either unbanked or underbanked. This represents 22% of the US population. Lack of financial inclusion forces these consumers to rely on alternative finance products to meet their everyday financial needs (e.g. Money Orders, Check Cashing, Payday Loans, Auto Title Loans, Pawn Shops, etc…).
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February 17, 2023

70 fintechs founded by African Americans

SoLo Funds provides a community finance platform where members request and fund emergency needs.
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February 6, 2023

Celebrate Black History Month with these Black-owned apps and platforms

SoLo Funds: Lend & Borrow has been designed to help you access funding or supply funding to make a social impact and return. It enables financial services for real people that are backed by people. As it explains, at Solo, "each member can tap the strength of the community to power their own journey toward financial autonomy."
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December 8, 2022

P2P’s global evaluation

Peer-to-peer lending started in the UK but has since expanded and evolved internationally. Hannah Ganage-Stewart explores how P2P is maturing across the world
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December 7, 2022

How FinTech Changes Lives | FinTech Focus TV with Rodney Williams, Co-Founder SoLo Funds & LISNR

On this episode of FinTech Focus TV, Toby is delighted to welcome Rodney Williams, Co-Founder SoLo Funds & LISNR to the show.
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November 18, 2022

Fintech leaders on the trends and companies to know now

Welcome to a special edition of Human Capital, where we are tapping the minds of fintech leaders for their thoughts on industry trends, companies to watch, and — in part two of this series next week — the skills fintech professionals need to master.
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November 15, 2022

BAI Announces 2022 Global Innovation Award Finalists

BAI announced the finalists for the 12th Annual BAI Global Innovation Awards, the financial services industry’s leading innovation honor, celebrating organizational achievements.
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November 2, 2022

SoLo Funds Borrow Review 2022

Note: This review focuses on SoLo Funds’ borrowing services. If you are a prospective lender, use our SoLo Funds Lend review to determine if it’s the right lending platform for you.
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October 31, 2022

10 Tech Startups With Huge Potential In 2022

Every year, there are some promising tech companies that have the potential of "making a dent" in their respective landscapes.
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September 1, 2022

There’s Social Media. How About Social Loans?

SoLo Funds (short for Social Loans) offers innovative alternatives to the strict business-as-usual, faceless financial transactions from traditional institutions – and it’s fueled by a new social element.
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August 26, 2022

What The Future Of Personal Loans Looks Like — With SoLo Funds, No Banks Are Needed

SoLo Funds, a fintech startup based out of Los Angeles, encompasses DeFi in a way other companies don’t: by bringing truly decentralized finance to customers in a practical manner.
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August 24, 2022

Social Impact Heroes: Why & How Travis Holoway of SoLo Funds Is Helping To Change Our World

No one knows more about what you want to do than you — Be confident. Don’t be an egomaniac, but be confident in yourself and your vision, because only you understand it at its deepest level. There are a lot of household names today who were originally told their work couldn’t be accomplished, but they believed in their vision and made it happen.
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August 24, 2022

Social Impact Heroes: Why & How Rodney Williams of SoLo Funds Is Helping To Change Our World

Improve infrastructure in financial desert communities to provide individuals with access to quality financial care. Whether that is improving public transit so those without a car can easily get to a bank miles away from home or building a bank in a community that doesn’t have one, taking a good look at the communities with no adequate financial resources and filling in those gaps is key.
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August 18, 2022

Meet The Disruptors: Rodney Williams Of SoLo Funds On The Five Things You Need To Shake Up Your Industry

Rodney Williams is the President and Co-founder of SoLo Funds, the largest community fintech platform for everyday Americans, providing the opportunity to access and grow capital and establish financial independence.
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May 3, 2022

18 apps you should know that are changing the world for the better

The apps category of Fast Company’s World Changing Ideas Awards honors projects that live primarily in a mobile format, in any discipline. See the finalists and honorable mentions below, and read about the winner, an app that instantly turns your unwanted items into cash.
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April 28, 2022

SoLo Funds Bridges Corporate and Nonprofit Efforts to Jointly Impact Communities with new Amplify Fund

SoLo Funds leverages innovative community finance marketplace to launch a new initiative that enables corporations, nonprofits and local governments to increase access to emergency capital in local communities
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April 5, 2022

SoLo Funds releases the SoLo Wallet and seeks to empower borrowers

The FinTech company facilitates peer-to-peer loans to help underserved communities, making the process easier with its new wallet.
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April 4, 2022

10 fintechs creating an inclusive economy join Accenture lab

Addressing important issues of today from ESG to crypto, these 10 emerging tech startups are chosen for Accenture’s 2022 FinTech Innovation Lab New York
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March 29, 2022

10 Tech Companies Selected for 12th Annual FinTech Innovation Lab New York, Run by Accenture and Partnership Fund for New York City

Leading financial services firms to mentor financial technology entrepreneurs whose solutions address key industry themes, including sustainability and cryptocurrencies.
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February 21, 2022

Meet The AFROTECH™ Future 50

AFROTECH is honoring individuals across the tech industry — including the disrupters, innovators, wealth-makers, and overall game-changers in the industry in honor of Black History Month.
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February 10, 2022

The Road to the FinTech Innovation Lab 2022: Our Global Search for the Best in Tech

Before each new class of the FinTech Innovation Lab, we survey the technology priorities of senior financial services executives from over 40 leading firms. Based on their 2022 technology “wish list,” we put out a global search for next-generation solutions around blockchain, cyber-tech and resiliency, the future of work, financial inclusion, sustainability, and more.
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February 10, 2022

SoLo Funds Makes Lending More Equitable

Rodney Williams and Travis Holoway are on a mission to make lending more equitable. After the LIFToff Financial Impact Challenge, SoLo Funds received an investment from Comcast NBCUniversal LIFT Labs to further their mission of bringing more equity and opportunity to short-term lending.
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February 9, 2022

Back to Blog A Baker’s Dozen of African American Influencers in Fintech and Financial Services

As part of Finovate’s continued commemoration of Black History Month, we’re showcasing some of the African American fintech and financial services influencers and leaders who are driving innovation and inclusion in our industry.
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February 8, 2022

Democratizing Access to Capital in Times of Need

To kick off The Higher Purpose Venture Capital Blog in earnest, I am excited to present SoLo Funds, a company that embodies solving a major problem that is driven by wealth inequality: access to capital in times of urgent need.
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February 1, 2022

Bridging the Gap: A Conversation with Rodney Williams of SoLo Funds

Finovate starts its African-American History Month ceremony with a conversation with Rodney Williams, co-founder of SoLo Funds. Along with business co-founder Travis Holoway, Williams was called to Cause Artist’s “40 Social Entrepreneurs to Watch for in 2022.”
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January 11, 2022

40 Social Entrepreneurs to Watch for in 2022

This marks the 9th edition of the Causeartist – Social Entrepreneurs to Watch for List.
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January 3, 2022

Seven Tech Startups To Watch Out For In 2022

From cheaper 3D printing to optimizing delivery routes, here are seven tech companies who could spark revolution in 2022.
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December 3, 2021

Equitable and Community-Focused: Meet the Future of Fintech

B Corp SoLo Funds Aims to Build a Financial Ecosystem for Underserved Communities
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December 2, 2021

SoLo Funds Becomes The Only Black-Owned Fintech Startup To Acquire B Corp Certification

SoLo Funds is a capital marketplace reimaging how traditional lending platforms should operate in communities.
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November 29, 2021

How SoLo Funds Is Bringing Equity To Financial Services

Cofounder Rodney Williams has created an easy and effective way for everyone to safely borrow the money they need on their own terms.
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November 29, 2021

How SoLo Funds Is Bringing Equity to Financial Services

In 2015, Rodney Williams, a serial entrepreneur and founder of LISNR, wanted to find ways to bring equity to financial services.
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November 28, 2021

101 Best United States FinTech Startups – The Future of FinTech

This article showcases our top picks for the best United States based FinTech companies.
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November 20, 2021

SoLo Funds Launches SoLo Causes to Further Commitment to Local Communities

SoLo Funds (“SoLo”), an innovative capital marketplace for emergency loans today announced the launch of SoLo Causes, its corporate philanthropic initiative.
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November 19, 2021

SoLo Funds Launches SoLo Causes to Further Commitment to Local Communities

Habitat for Humanity International and United Way are the first SoLo Causes partners
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November 16, 2021

Habitat for Humanity and United Way Partner with SoLo Funds’ New Initiative SoLo Causes: ‘Make an Impact’

“I think we can be a model that companies can do well and do good at the same time and that people should be prioritized over profits,” SoLo Funds co-founder Rodney Williams tells PEOPLE
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October 27, 2021

Financial institutions that leverage underserved communities should provide value to those communities

It’s on financial institutions to build dignity and value for all of their members, not just the wealthiest.
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October 18, 2021

Endeavor Supports SoLo Funds’ Global Market Research

For SoLo Funds Co-Founders and Endeavor Entrepreneurs Rodney Williams and Travis Holoway, providing international access to small dollar loans has always been part of the long term plan.
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August 13, 2021

People over profits: one company’s new take on lending

SoLo Funds helps underserved consumers while providing better options for both borrowers and lenders
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July 12, 2021

Calling all fintechs driving financial inclusion around the world

Early-stage startups focused on delivering better access to low-income customers and micro and small enterprises can now apply to Visa’s Inclusive Fintech 50 program.
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June 29, 2021

How one company combats predatory loans and the never ending cycle of debt for Black Women

SoLo Funds, an online community co-founded by two BIPOC financial services leaders, exists where members can request and fund short-term needs in a non-predatory and accessible way.
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June 9, 2021

Poll: 4 in 10 U.S. adults willing to go into debt for indulgences

And as the pandemic begins to wind down, more than half plan to spend in at least one nonessential category
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June 7, 2021

Dave Inc. to Merge With SPAC in $4 Billion Deal

Mid-Wilshire-based banking app developer Dave Inc. said on June 7 that it plans to go public through a merger with a Chicago-based special purpose acquisition company that gives the fintech a $4 billion valuation.
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May 13, 2021

Beyond Payday Loans: More Startups And VCs Bank On Subprime Lending Alternatives

Los Angeles-based SoLo Funds raised $10 million in Series A funding, led by ACME Capital. The company is building a new type of peer-to-peer lending group in which strangers fund strangers asking for short-term personal loans for immediate needs.
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May 4, 2021

World Changing Ideas Awards 2021: On The Rise (0-4 Years In Business) Finalists and Honorable Mentions

Companies that have achieved incredible impact and have been in business under 4 years.
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May 4, 2021

World Changing Ideas Awards 2021: Apps Finalists and Honorable Mentions

Projects that live primarily in a mobile format, in any discipline.
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April 23, 2021

Meet the 5 startups selected for the first Northwestern Mutual Black Founder Accelerator cohort

Five companies—including Milwaukee-based Tip a ScRxipt—have been chosen to participate in the inaugural cohort of the new accelerator program, which is run by gener8tor.
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April 14, 2021

Platform Capital invests into SoLo Funds, an innovative peer-to-peer financing platform in USA

Platform Capital (“Platform”), a leading growth markets investor, is pleased to announce its investment in and partnership with SoLo Funds Inc. (“SoLo”), an innovative and proprietary peer-to-peer financing platform based in the USA that has revolutionized the access to and supply of short-term funds for individuals, entrepreneurs, and businesses.
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February 16, 2021

SoLo Funds Banks $10M Series A For Peer-to-Peer Lending

SoLo Funds is building an alternative to predatory lending through a new type of peer-to-peer lending in which strangers fund strangers asking for short-term personal loans for immediate needs. “Even before the pandemic, 70 percent of Americans were living paycheck to paycheck, and many didn’t have $400 in their savings account,” Travis Holoway, co-founder and CEO of SoLo Funds told Crunchbase News. “More than half of the country has been waiting on $600 for more than six months.”
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February 10, 2021

LA-based SoLo Funds raises $10 million to offer an alternative to predatory payday lenders

“For too long, there have been limited options for individuals in need of immediate funds due to unforeseen circumstances, like a shift in hourly schedules, unplanned car troubles or other cases,” said SoLo, co-founder and CEO Travis Holoway. “SoLo was created to offer safe, affordable options for borrowers that need cash quickly, while also creating a marketplace for lenders to grow capital and help community members in need. We believe that at the end of the day, people are innately honest and tend towards generosity, and our platform’s growth is further proof that people want to do good in the world and make an impact.”
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February 10, 2021

Fortune Term Sheet – The rise of friendship apps

“Coronavirus is accelerating existing digital trends” may be a phrase that has become overused at this point—but it still holds water. Today, small-dollar lending platform, SoLo Funds, announced that it raised $10-million to bolster its digital lending business.
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February 10, 2021

LA Peer-to-Peer Lending App SoLo Funds Raises $10M

SoLo Fund's target market has always been Americans living paycheck-to-paycheck. The peer-to-peer lending app sees itself as an alternative to high-interest payday lenders. "We were doing this before we realized how big this would be, and it was magnified by the global pandemic," said SoLo co-founder and CEO Travis Holoway. "It was an opportunity for many businesses."
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February 10, 2021

Short-Term Lending Shows Promise As Lifeline For Paycheck-to-Paycheck Consumer

As PYMNTS research has found, roughly 60 percent of Americans live paycheck to paycheck. And statistics from the Federal Reserve show that even before the coronavirus devasted household finances, that on average, 40 percent of Americans have less than $400 on hand to cover emergencies. For these consumers, short-term lending may be a lifeline. As Travis Holoway, co-founder and CEO of SoLo Funds, told PYMNTS, Americans grappling with cash shortages and in need of funds to cover life’s basic necessities could benefit from a mobile peer-to-peer marketplace can help build long-term creditworthiness.
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January 20, 2021

81 startups that will boom in 2021, according to the startup experts: venture capitalists

Investors at the best venture capital firms name the startups poised for a big 2021 inside and outside of their portfolios and across industries. 2021 is fast approaching, and the startup market is red-hot as VCs fight harder than ever before to get into deals.
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January 7, 2021

Built In Honors SoLo Funds in Its Esteemed 2021 Best Places To Work Awards

Built In today announced that SoLo Funds was honored in its 2021 Best Places To Work Awards. Specifically, SoLo Funds earned a place on the Best Places to Work, Best Paying Companies, and Best Small Companies to Work For on Built In’s 2021 Los Angeles Lists. The annual awards include companies of all sizes, from startups to the enterprise, nationally and in the eight largest tech markets and nationally.
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November 23, 2020

Established® Announces SoLo Funds Wins Startup of the Year at the 8th Annual Startup of the Year Summit

After a year-long, worldwide search for diverse early-stage startups, Established (the company behind Startup of the Year Summit) announced that SoLo Funds was named the Startup of the Year Champion at the first online Startup of the Year Summit on November 18. The Los Angeles, CA startup was represented by co-founder Travis Holoway. SoLo Funds is a mobile lending exchange that allows people seeking small-dollar loans to borrow from other individuals with financial means.
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November 18, 2020

Visa Expands Fast Track Program to Enable Next Generation of Fintechs to Rebuild the Global Economy

Fintech leaders around the world are increasingly choosing to work with Visa across key categories including digital wallets, digital banking, ‘Buy Now, Pay Later’, B2B payments, cross-border remittance, bill payments, payments infrastructure, and person-to-person payments. Recent examples of fintechs partnering with Visa include Affirm, BillGO, Finix, Gojek, PayPal, Rappi, Stripe, Varo Bank, and Venmo, among many others, such as SoLo Funds. With the expansion of Visa’s industry-leading Fast Track program, fintechs are armed with the tools to become category winners. Fast Track participation has grown 360% year-over-year, and Visa has welcomed hundreds of fintechs who are actively engaged in the program.
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November 18, 2020

New Daylight And Visa Partnership Fuses Tech And Inclusion For LGBT+ Banking

The modern world of finance and banking has complicated queer lives, with outdated banking IT systems that consistently deadname those who identify as trans or nonbinary. Same-sex couples face a 73% higher chance of being denied when they apply for a mortgage. Ask anyone who’s had to navigate the banking system while queer and you’ll likely hear a common refrain: “Banking and financial technology weren’t built for us.” Find out more about how SoLo is helping secure financing for traditionally marginalized groups.
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June 16, 2020

SoLo & Kiva – Partnering to Strengthen the Capital Ladder for Financially Excluded Americans.

For the lowest-income individuals, it’s disproportionately expensive to borrow money. With predatory interest rates and unattainable criteria, getting a loan in America is a defeating — if not dangerous — process for many. SoLo Funds and Kiva are partnering to strengthen the capital ladder for financially excluded Americans. Tackling the same problem through two different solutions, SoLo Funds and Kiva offer affordable loan products - one of personal lending, one of business lending. Through their respective communities of lenders, both SoLo Funds and Kiva have supported thousands of Americans — and now are forming a partnership. The aim is to build out the safe and reliable financing options available for low-income and financially excluded individuals and entrepreneurs.
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April 23, 2020

SoLo Inc. and Microloans During the Coronavirus Pandemic

Solo Funds Inc. and people on the technology-oriented financial platform is one positive outcome of this coronavirus. People have stepped up to lend to each other in times of need. SoLo Funds Inc. started with a simple mission, help those who need microloans in the United States and provide them with lower interest rate loans. The mission of SoLo Funds Inc. is to step up and help those who find themselves living paycheck to paycheck and assist them through trying times. It is a platform that makes a lot of sense during the coronavirus pandemic that is affecting people across the world.
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April 16, 2020

Online lending platform SoLo Funds opens spigot on interest-free peer-to-peer microloans for cash-strapped Americans

“We now are facing the greatest financial emergency the nation has ever faced in recent history,” says SoLo Funds co-founder and CEO Travis Holoway. “Thirty-four percent of Americans have zero dollars in savings. A few weeks ago people began to realize they may have only one or two paychecks left. Many have been furloughed and cannot go back to work.” Recognizing the urgent need facing families across America, Williams and his partner are relaunching their two-year-old online lending platform with a new model for peer-to-peer lending. It will provide microloans of between $50 and $1,000, with terms set by the borrower. There is no interest charged for the loans on the platform. Borrowers set their own terms, select the repayment date, how much they need, the reason they need it and what they would like to tip the individual lender. Tips are capped at 10%. “We didn’t build the platform knowing the coronavirus pandemic would happen, but now that this has happened, this is an option for an alternative form of financing,” Williams notes. “SoLo Funds is poised to enable $10 million in loans during this critical time.”
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September 26, 2019

House Financial Services Committee Hearing on the Future of Real-Time Payments

House Financial Services Committee Task Force on Financial Technology. “The Future of Real-Time Payments”
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July 19, 2019

Closing the gap: How to overcome obstacles as a female entrepreneur

Co-founder and CDO Taylor Bruno of SoLo Funds, says, “As a female co-founder in the predominantly male-led tech industry, I’ve worked for the last 10 years in close proximity to the challenges facing female entrepreneurs.” She says her approach has everything to do with relationships.
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April 23, 2019

SoLo Funds reaches $2 million worth of loan transactions in 11 months

SoLo Funds Inc CEO Travis Holoway tells Proactive Investors the California-based peer-to-peer lending platform company has processed $2 million worth of loans since it was launched almost one year ago, providing users with loans less than $1,000.
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April 4, 2019

Where customers are also lenders: One fintech’s payday alternative

SoLo Funds specializes in small-dollar loans with a $1,000 cap, allowing consumers to act both as lender and borrower. It's a market generally viewed as underserved given that banks generally avoid small-dollar loans because of compliance concerns. Travis Holoway, SoLo’s co-founder and CEO, started the company last year after he saw the relatively high fees and interest rates charged by many payday lenders.
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March 12, 2019

Interview: Travis Holoway, CEO & Co-Founder of SoLo Funds

"Get comfortable with being uncomfortable because it’s critically important for both personal and professional growth.” Travis Holoway is the co-founder and CEO of SoLo Funds, a mobile lending exchange that connects lenders and borrowers for the purpose of providing more affordable access to loans under $1,000. SoLo was created to disintermediate the predatory payday lending system. Today, SoLo is one of the fastest-growing fintech companies in the country."
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August 21, 2018

An App For Borrowers Living Paycheck To Paycheck

How does SoLo work? Potential borrowers are vetted with a scoring process that includes information like cash flow history, as well as social data, such as how many friends someone has on Facebook. Borrowers and lenders also provide access to their bank accounts, to make money transfers easier and automatic.
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August 2, 2018

How Digital Disbursements Tools Are Changing Low-Dollar Lending

“Technology like Venmo and Cash App have made it really easy for people to ask for money because it’s no longer a convoluted process,” Holoway said. “I just assumed there had to be someone using the same technology for lending, but when I looked for that solution, I couldn’t find it. What we’re trying to do is bring that technology to lending.”
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April 5, 2018

SoLo Funds gets $1.2M to expand its affordable loaning platform

In addition, most of the times these financial instruments are not focused on small amounts, which is not useful for people going through a short financial struggle. In order to solve all these issues, we have SoLo Funds, a lending exchange that allows people to obtain loans of small amounts (under $1,000). The idea for SoLo came from the fact that its founders were often faced with loan requests of small amounts from their family and friends. Realizing that there are currently a lot of ways to easily send money to any two people, they tried to find a solution that made these loans possible but was not successful.
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Community

A bright idea that turned into a community. Here’s the SoLo 
community story.
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Partner

See how SoLo uses partnerships 
to make a bigger difference.
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With SoLo, you’re always an individual, but you never go it alone.
With SoLo, you’re always an individual, but you never go it alone.