LOS ANGELES — December 2, 2021 — SoLo Funds (“SoLo”), an innovative capital marketplace for emergency loans, today announced its B Corporation (B Corp) Certification. This prestigious milestone comes as the company expands into new features allowing members to manage and grow their funds.
SoLo Funds is the only Black-owned financial services Certified B Corp in US & Canada. With only 4,111 companies certified by B Lab, and only 13 Black-owned companies in the US & Canada, SoLo Funds joins a small group of businesses committed to ushering in innovations for a better world. As part of their B Corp evaluation, led by the nonprofit B Lab, SoLo scored 10/10 for their mission locked impact business model and 4.1/5 for customer stewardship. This announcement comes following the recent launch of SoLo Causes which further extends SoLo’s impact by committing dollars to organizations making meaningful change for its community.
“By SoLo Funds certifying as a B Corporation, it has met the highest form of verification for its commitment to people and the planet,” said Andy Fyfe, Director of Equitable Growth, B Lab US & Canada. “B Lab holds a vision for a more inclusive, equitable, and regenerative economic system for all people. Though income levels among most demographic groups in US & Canada have climbed in recent years, the racial wealth gap remains wide. We cannot credibly work towards this vision and address this issue without leaders like SoLo Funds demonstrating the way forward.”
“Good intentions without actionable solutions are just that: problems waiting to be solved. B Corp Certification provides accountability that we are committed to helping underserved communities,” said co-Founder Rodney Williams. “And this is just the start. We’re building a community-driven financial service company to serve the members of our thriving marketplace, grounded in one mission: to build a community that enables financial autonomy for all.”
In November, the company added user services, as the organization’s first step into a more cohesive financial technology company. With this expansion, new features will act as a stepping stone for more traditional financial services. The platform has acted as a marketplace for users to fund emergency requests to its base — a majority of whom identify as minorities and live in underserved communities. Breaking with opaque terms and conditions of traditional lending platforms, SoLo has been able to establish trust with its rapidly growing community of users.
“Our current marketplace offers a solution for members who have the cash flow to either pay back or fund emergency loans. Yet we know that there are members who need additional support,” said Travis Holoway, co-founder of SoLo Funds. “That’s one of the reasons that we’re focused on broadening features. We’ve figured out how to provide value at a critical moment when someone needs a helping hand. Now we’re building an ecosystem around those members to fulfill our mission of financial autonomy.”
About SoLo Funds
SoLo is one of the leading financial technology companies for underserved communities. Originally, SoLo launched as an on-demand marketplace where members can request and fund loans for emergency needs. To date, they’ve processed millions of transactions, providing a lending alternative that is equitable, empowering, and community-driven. Solo is now building a community-driven financial technology company to further serve the needs of the underrepresented . For more info: www.solofunds.com