The 14-slide pitch deck a Los Angeles-based fintech startup used to raise $10 million
In 2015, Rodney Williams and Travis Holoway realized after a visit to see family and friends that people living on tight budgets had nowhere to turn for emergency funds. The entrepreneurs decided to launch, a fintech marketplace that allows consumers to lend and borrow from each other, to solve this problem.
The borrower has up to 35 days to pay back the interest-free loan with the option of paying two fees — an administration donation to SoLo Funds and a tip to the lender — or they can choose not to pay any fees and borrow the money for free. SoLo Funds only makes a profit when the administration donation is added to the transaction.
Through word of mouth, SoLo Funds started to catch the attention of the fintech community in California, so with potential new staff in mind, they set up a home base in Los Angeles. The team launched their pre-seed round in 2017 and raised $1.2 million.
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