Motley Fool Ventures led a $10 million Series A round of funding for Esusu, a financial technology business that specializes in rent reporting and data solutions for credit building.
Serena Williams, a world-class athlete, businesswoman, and philanthropist, joined the round through Serena Ventures, along with The Equity Alliance, Predictive VC, and angel investors.
Esusu’s total capital raised to date is $14 million, thanks to previous seed round investors Concrete Rose Capital, Impact America Fund, Global Impact Fund, Next Play Ventures, and Zeal Capital Partners.
The Co-CEOs of Esusu, Abbey Wemimo and Samir Goel, stated, “At Esusu, our core principle is that where you originate from, the color of your skin, or your socioeconomic identity should not dictate where you end up in life.” “In the last year, Esusu has grown tremendously thanks to industry adoption, regulatory tailwinds, and partnerships with the country’s leading property owners and operators. Esusu will be able to double focus on expansion through product innovation, top talent recruiting, and the development of the most comprehensive financial health platform in the market for low to medium-income families thanks to this Series A funding.”
Managing Director of Motley Fool Ventures Ollen Douglass remarked, “Esusu is an amazing example of an innovative fintech firm harnessing technology to create scalable and much-needed financial solutions for underprivileged communities.” “Their inclusive credit-building services can unlock credit for low-to-medium-income households across the country, from dependable rent reporting to zero-interest housing stability funds.”
Over 45 million people in the United States do not have credit ratings. This is addressed by Esusu’s rent reporting capabilities, which capture and report rental payments to the three major credit bureaus: Equifax, TransUnion, and Experian.
Serena Williams, Founder of Serena Ventures, said, “Esusu is really focused on credit building and developing routes to financial inclusion for not only working families but for individuals as well.” “Their services also make rent reporting simple, offering renters credit for what is frequently their largest monthly outlay. Of course, there was the COVID-19 pandemic last year. It resulted in an unemployment and housing crisis, with many renters unable to make timely monthly payments and frequently faced eviction. We witnessed Esusu act quickly to provide rent assistance, providing zero-interest housing stability loans to address the issue head-on.”
Due to the increase in unemployment, evictions, and a deterioration in financial stability caused by the COVID-19 pandemic, Esusu’s zero-interest housing stability fund witnessed a surge in demand. Esusu’s zero-interest rent relief activities kept people in their homes while simultaneously providing them with the benefits of rent reporting and credit building.
Serena Williams remarked, “We invested in Esusu’s vision and have a tremendous belief in the potential of this space.” “The technology-enabled paradigm truly provides win-win situations for all parties involved, from tenants to landlords.
Esusu is now available in over 2 million homes across the country, with a Gross Lease Value of over $2.4 billion. Esusu works with 30 percent of the National Multifamily Housing Council’s (NMHC) top landlords. Goldman Sachs, Related Companies, Winn Residential, Camden Property Trust, L+M Development Partners, and others are among the partners. This year, Forbes named Esusu as one of the most creative firms, placing it with Stripe, Robinhood, and other notables on the annual Fintech 50 List.