Editor’s Note: This story was originally published in the Austin Business Journal. This is an abbreviated version. Click here to read the full story.
It’s almost as though Self Financial Inc. has been in stealth mode.
Almost. CEO James Garvey founded the Austin financial-technology company in 2014 and it had raised millions of dollars in its first few years in business.
But the startup remained below the radar as Garvey and his colleagues developed a business that helps regular people improve their credit scores through what are known as credit-builder loans. Credit-builder loans don't actually give the borrower any capital. Instead, the loan principal sits untouched, and as the borrower makes on-time payments against that balance, their credit improves.
Self announced Wednesday it had closed a $20 million Series C round of funding. Altos Ventures and Conductive Ventures, both based in Silicon Valley, led the round. Austin's Silverton Partners also invested, just as they invested in the company's series A and B rounds. The capital infusion will, in part, go to expanding the team “and building out new products,” Garvey said in an email.
The company has experienced steady growth over the last two years, jumping from 30 employees at the end of 2018 to 55 employees today. Self has an office at 515 Congress Ave. and Garvey said the company is “not likely [to] be moving this year.”
But it is still hiring.
“We are hiring in all areas: product, marketing, analytics, engineering, compliance, operations and customer service,” Garvey said.
See the rest of the story via the Austin Business Journal [subscriber content].
