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 .