SoLo Funds is a Cincinnati-based startup that’s providing a solution for the average American worker — many of which can’t afford emergency expenses because of how small loans work in our financial institutions. And it’s using community to do so.
For most people who need to borrow a small loan, traditional banks aren’t an option. And we know that payday loan institutions charge high interest rates and often take advantage of borrowers. But SoLo Funds is a mobile lending exchange connecting lenders and borrowers for the purpose of providing more affordable access to loans under $1,000.
SoLo Funds launched officially on April 2 and closed their $1.2M seed round. Founders for the mobile startup include Travis Holoway, Rodney Williams, Jarrel Carter and Taylor Conophy.
“The idea of people lending and borrowing amongst each other in this form is refreshingly different than our predecessors,” says Travis Holoway, CEO & Co-Founder of SoLo Funds. “This is an exciting moment. This is the right product at the right time created by a team working to do the right thing.”
And beyond the borrowing/lending aspect of the app, it also provides users with a full financial literacy curriculum. Financial education is essential, but not always easily accessible for many. They aim to provide that info so users can build healthy financial habits. They can take courses for free with this resource.
Interested in simplifying small loan borrowing and lending? Download SoLo Funds!