Purpose: The $15 million capital infusion is designated to bolster the bank’s mission of enabling financial inclusion for individuals and communities who are underserved by traditional banking systems due to a lack of credit history.
Use of Funds: The capital will be allocated towards technology enhancement (specifically AI and machine learning for credit assessment), market expansion into new demographics, and strengthening customer support infrastructure.
Investor: The funding round was reportedly led by FinTech Ventures, with additional participation from existing backers and new strategic partners.
