In the space of financial technology, Esusu hails as a leading platform. And, what’s more, it just hit unicorn status with the announcement of a $130 million funding round led by SoftBank Vision Fund 2.
According to TechCrunch, the Series B round puts Esusu’s valuation at $1 billion, making it one of the very few Black-owned unicorns in the U.S. and beyond.
Esusu's New Funding
The participants in the funding round included Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital.
AfroTech previously shared that tennis phenomena Serena Williams backed the rent-reporting company in 2021 through Serena Ventures.
“The tech-enabled model really creates win-win situations for stakeholders from renters to landlords,” Williams shared in a statement at the time. “Our significant investment in Esusu will help the company scale and unlock more financial opportunity for people.”
In addition, Serena Ventures joined other existing investors in the new round that include Motley Fool Ventures, Concrete Rose Capital, The Equity Alliance, Impact America Fund, Next Play Ventures, Sinai Ventures, and TypeOne Ventures.
TechCrunch reports that, in total, Esusu has raised over $144 million.
The investment will be used to expand its team by tripling its size, “turbocharge growth through product innovation, and build the most comprehensive financial health platform in the market,” according to the outlet.
The Vision At Hand
Led by co-founders and co-CEOs Nigerian-born American Abbey Wemimo and Indian American Samir Goel, Esusu has been dedicated to bridging the racial wealth gap since its launch in 2018.
“We report rent payments to major credit bureaus to help renters boost their credit scores, all while helping owners and property managers maximize returns,” Esusu’s website reads.
The company specializes in credit building and assisting stakeholders, but at its core is helping open the door to financial prosperity for people, especially immigrants and minorities.
“We founded Esusu with the vision of using data to bridge the racial wealth gap and create more equitable financial opportunities for low-to-moderate-income households in this country,” Wemimo and Goel said in a statement. “By establishing and improving credit scores, we are strengthening financial identities while empowering individuals, families, and communities to meet their long-term financial goals.”