2 years ago

Wollit Targets £8 Million Series A to Scale Credit Building Services

  • Wollit, a London-based fintech backed by BBVA, is preparing to raise up to £8 million in a Series A funding round

  • The company has pivoted from providing financial assistance to freelancers to offering credit builder services, which it believes could be a launchpad for other financial services

  • Wollit has already raised £3.5 million from investors including BBVA and Anthemis

  • The new funds will be used to scale the company's operations, including expanding its team and investing in marketing and development.

      • ProblemFinancial Services

      "Building a good credit score in the UK can be difficult, especially for young people or those with limited credit history. This can limit access to affordable financial products like loans, mortgages, and even credit cards."

      Solution

      "Wollit provides a credit-building service that helps users improve their credit score by allowing them to make regular, on-time payments on a small loan. This helps build a positive credit history, making it easier to access other financial products in the future. They also offer additional services like rent reporting to further boost credit scores."

      Covered on