See other companies on Otta
SoLo Funds
Social loans platform
- 21-100 employees
- Fintech
- B2C
- Banking
- Marketplace
- Personal finance
- Financial Services
- SaaS
- Social Impact
- 555 W 5th Street, 35th Floor, Los Angeles, CA 90013
Jump to section
Company mission
To build a communmity that enables financial autonomy for all.
9% employee growth in 12 months
Otta's take
Theo Margolius
COO of Otta
SoLo’s community-based peer-to-peer money lending platform allows independent users to request and provide short-term loans to others. Given that 80% of American citizens haven’t got access to enough savings to cover emergency costs, SoLo’s offering is a much-needed one. The platform offers a more palatable alternative to that of payday loan companies, who often take advantage of vulnerable users with average interest rates of nearly 400%.
SoLo allows borrowers to set their own terms on loan amounts, lender appreciation tips, and payback dates while allowing lenders to filter through the marketplace to find agreeable terms for them. Lenders are also protected from defaults if they purchase the company's insurance, a product that helped propel SoLo's growth.
The company is investing in its services and has recently released a digital SoLo wallet with the aim of making it easier for users to add funds to the platform whilst increasing transaction transparency. So long as the company can continue to protect its users from predatory lenders while ensuring that lenders make respectable capital gains, further success in the future seems highly likely.
Benefits
- Remote Workplace
- Unlimited Vacation Time
Funding (last 2 of 3 rounds)
Feb 2021
$10m
SERIES A
Oct 2019
$1.6m
SEED
$12.8m
Total funding
This company has top investors
Founders
Travis Holoway
(CEO)Having studied at the University of Cincinnati, they worked at Northwestern Mutual for almost 6 years. They left in March 2017 having co-founded SoLo Funds, serving since as CEO.