When Seattle fintech startup Possible Finance, a high-tech small loan service, began growing rapidly, the company focused energies on raising venture capital. Unfortunately, just as the company began its first round of funding, the coronavirus was shutting down the country. The company decided instead of halting fundraising efforts it would continue meeting with investors though Zoom, the web-based conferencing tool, according to a report in Geek Wire.
The company connected with New York-based Union Square Ventures and received an $11 million investment, considered the first deal for venture capital completed over video conferencing.
Possible Finance embraced the ability to fundraise remotely. The company announced new funding this week along with $80 million in debt financing from Park Cities Advisors to help supercharge its business.
Existing investors that participated in the funding round include Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams and FJ Labs. Total equity funding to date is $25 million.
Founded in 2017, Possible Finance offers loans of up to $500, similar to payday lenders, but borrowers have more time to pay back the money in installments and repayments are reported to the credit agencies to help customers rebuild their credit.
By using the company’s app, customers can apply for loans without a credit check and receive funds the same day. Possible Finance links to a customer’s bank account and uses machine learning to make credit risk decisions rather than relying on FICO credit scores.