SoLo Funds seems to have a lot to celebrate.
According to a press release shared with AfroTech, it is now the first Black-owned personal finance platform to reach over one million registered users.
“We are innovating and thriving where companies have failed,” Rodney Williams, Co-Founder and President of SoLo, said in a news release. “Reaching this milestone is a testament to our members and a pivotal moment in our history, where we have finally created a winning solution for the communities we represent. We are extremely appreciative of this moment and opportunity.”
Their platform allows users to get a loan in as little as 30 minutes directly from their phones. Additionally, it offers a protection plan for those who cannot repay their loans.
Already, according to a press release, 600,000 in loans have been funded, with over $300 million in transaction volume. In addition, 82 percent of registered users are from underserved zip codes.
“For us, this is huge. I think about what the community bank is supposed to do, and they’re supposed to allow lending and borrowing in the community. It’s supposed to empower the individual and build the community. So, that is what we are doing in a different way,” Rodney Williams told AfroTech previously in 2021.
The growing interest surrounding SoLo Funds is seen in their latest milestone with 1.3 million downloads, as of this writing.
Additionally, the platform has also attracted investors such as Serena Williams’ Serena Ventures, Richelieu Dennis, Tim Weatherspoon, and his wife, Kelly Rowland, and more.
“SoLo is transforming the lives of everyday Americans with democratized access to capital and returns that’s truly rooted in community. Community finance is working and SoLo is proof of that,” Serena Williams, Managing Partner at Serena Ventures, said in a news release. “We are proud to stand behind SoLo as it continues growing at an incredible pace and focuses on giving underserved groups and individuals the tools they need to thrive financially.”