The co-founders of Possible Finance, from left to right: Prasad Mahendra, vice president of engineering; Tyler Conant, chief technology officer; and Tony Huang, CEO. has access to another chunk of cash to supercharge growth of its mobile-only loan program. The Seattle startup just landed a $30 million credit facility from Park Cities Asset Management, an alternative credit manager based in Dallas, Texas. This follows a $4.3 million investment round the company in February from various angels and venture capital firms. Possible Finance CEO said he was drawn to Park Cities because of its “unique understanding of the Texas consumer lending market and it’s regulatory challenges.” The startup today launched in Texas, its fifth U.S. state. Possible Finance offers loans of up to $500 and is similar to payday lenders, but with some differences. Borrowers have more time to pay back the money in installments and the repayments are reported to the credit agencies, helping people rebuild their credit. Traditional payday loans are structured differently, so those payments don’t count for credit scores, which can trap consumers in a costly cycle of borrowing. Using the Possible Finance app, people can apply for loans without a credit check and receive funds the next day. Possible Finance links to a customer’s bank account and uses machine learning to analyst financial transaction data to make credit risk decisions rather than relying on FICO credit scores. (Possible Finance screenshot) Since in April 2018, the company has originated 24,000 loans, up from 13,000 two months ago, and has more than 100,000 users on its waitlist. It has been growing revenue by 50 percent month-over-month and recently crossed a $1 million annual revenue run rate milestone. Huang said in February that he sees a “clear path” to profitability. In addition to Texas, Possible Finance also serves customers in Washington, California, Utah, and Idaho. It will launch in Ohio later this month. The company has ten employees. “We’re really proud of the fact that 40 percent of new customers every month come from organic, non-paid channels,” Huang said in an email. “By making a small dollar loan into a credit building opportunity, we’re helping everyday Americans improve their credit scores and achieve long-term financial wellness.” Huang and his co-founders — , vice president of engineering, and , chief technology officer — previously worked together at , the leading manufacturer of non-lethal Taser stun guns and policing software and supplies including in-car and policy body cameras. That experience instilled in them a passion for developing technology that serves a social good. As part of his role as product manager at Axon, Huang did ride-alongs with police across the country, giving him some insight into disadvantaged neighborhoods and reinforcing his commitment to helping underserved communities. Huang was nominated last year for the Young Entrepreneur of the Year category at the .
Today, announced… a credit card. The Apple Card is designed for the iPhone and will work with the Wallet app. You sign up from your iPhone and you can use it with Apple Pay in just a few minutes. Before introducing the card, Apple CEO Tim Cook shared a few numbers about Apple Pay. This year, Apple Pay will reach 10 billion transactions. By the end of this year, Apple Pay will be available in more than 40 countries. Retail acceptance of Apple Pay is always growing. In the U.S., 70 percent of businesses accept Apple Pay. But it’s higher in some countries — Australia is at 99 percent acceptance, for instance. But let’s talk about the Apple Card. After signing up, you control the Apple Card from the Wallet app. When you tap on the card, you can see your last transactions, how much you owe and how much money you spent on each category. You can tap on a transaction and see the location in a tiny Apple Maps view. Every time you make an Apple Pay transaction, you get 2 percent in cash back. You don’t have to wait until the end of the month, as your cash is credited every day. For Apple purchases, you get 3 percent back. As previously rumored, Apple has partnered with Goldman Sachs and Mastercard to issue the card. Apple doesn’t know what you bought, where you bought it and how much you paid for it. And Goldman Sachs promises that it won’t sell your data for advertising or marketing. When it comes to the fine print, there are no late fees, no annual fees, no international fees and no over-limit fees. If you can’t pay back your credit card balance, you can start a multi-month plan — Apple tries to clearly define the terms of the plan. You can contact customer support through text messages in the Messages app. The Apple Card isn’t limited to a virtual card. You get a physical titanium card with a laser-etched name. There’s no card number, no CVV code, no expiration date and no signature on the card. You have to use the Wallet app to get that information. Physical transactions are eligible to 1 percent in daily cash. When it comes to security, you’ll get a different credit card number for each of your devices. It is stored securely and you can access the PIN code using Face ID or your fingerprint. Find more details on security in . The card will be available this summer for customers in the U.S.
According to a new report from , Apple and Goldman Sachs are partnering on a different kind of products for both companies — a credit card. The Mastercard-based card would be focused on Pay and feature some deep integrations in iOS. This card could launch later this year in the U.S., which would coincide with the next iPhone. An Apple credit card would be a good way to take a bigger cut on transactions. Instead of splitting fees between the card issuer, the card network and Apple, Apple would get a portion of the fees for the card issuer. It could also be a way to evangelize Apple Pay. While most cards are now compatible with Apple Pay in the U.S., many people still don’t think about paying with their iPhone or Apple Watch. This is also uncharted territory for . According to the WSJ, the new card would represent Goldman’s first card. The company could be investing as much as $200 million to build a support team and the IT infrastructure to handle payments. You could expect a cash back on some purchases. More interestingly, Apple could also be working on an Apple Wallet overhaul for this credit card. You would be able to set up spending goals (like the rings in the Activity app), get notifications about your spending habits (like Screen Time) and track your rewards. It’s unclear if Apple plans to open up those new features to other banks. By partnering with Apple, Goldman Sachs would get a great distribution channel. And by launching a card, Apple would prove once again that, given enough time, all companies eventually become banks.