Serena Williams buys rent-reporting fintech Esusu

Serena Williams invests in rent-reporting fintech Esusu

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Serena Williams of The United States commemorates a set point in her girls songs preliminary match versus Irina-Camelia Begu of Romania on day 2 of the 2021 French Open at Roland Garros on May 31, 2021 in Paris, France.

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Serena Williams is investing a concealed quantity in Esusu, a fintech start-up that enables occupants to develop and enhance credit by reporting their lease payments to credit bureaus.

The tennis super star supplied the support through her equity capital company, Serena Ventures, as part of the start-up’s very first financing round.

“I started Serena Ventures to invest in diverse founders and early-stage companies that outperform and generate impact, while at the same time empowering others and creating opportunities. Esusu is definitely one of those companies.” Williams informed CNBC. “Esusu is really focused on credit building and creating pathways to financial inclusion not only for working families but for individuals as well.”

The Series A financing round raised $10 million dollars led by Motley Fool Ventures, the investing arm of the individual financing website. Esusu, headquartered in New York City, has actually raised more than $14 million. Previous financiers consist of Global Good Fund, Next Play Ventures and Zeal Capital.

“Esusu is an excellent example of an innovative fintech company leveraging technology to deliver scalable and much-needed financial solutions for underserved populations,” Motley Fool Ventures handling director Ollen Douglass stated in a release. “Their inclusive credit building offerings can unlock access to credit for low-to-medium income households across the country.” 

Esusu was established in 2018 by Abbey Wemimo and Samir Goel, who saw their immigrant households have a hard time to spend for lease and develop credit after transferring to the United States.

Approximately 41 million households reside in homes, according to the National Multi-Family Housing Council, and 45 million Americans do not have a credit report, according to a 2020 report by the Consumer Financial Protection Bureau. Esusu utilizes its platform to tape and report rental payments to the biggest credit bureaus: Equifax, TransUnion and Experian.

“When my folks moved here, our journey to pursue the American dream was just harder than it should have been,” Goel informed CNBC. “I remember just watching my parents work miracles with no credit and limited financial resources. Abbey and I like to say we are inspired by our experiences.”

Esusu now deals with 30% of the greatest property managers on the National Multifamily Housing Council. Its partners consist of Goldman Sachs, Related Companies, Winn Residential, Camden Property Trust and Starwood Capital Group.

Wemimo and Goel state the brand-new financing will be utilized to scale business and boost cybersecurity.

“We exist in 2 million households across all 50 states. We want to grow that to cover 5 million households within the next year,” Wemimo informed CNBC. “This Series A financing enables Esusu to double down on growth through product innovation, top talent recruitment, and building the most comprehensive financial health platform in the market for low-to-medium-income families.”

“This is really a massive market that has been long underserved,” Williams stated. “We invested in Esusu’s mission and have a strong conviction in the potential of this space. The tech-enabled model really creates a win-win situation for stakeholders, renters to landlords. Our significant investment in Esusu will help the company scale and unlock opportunity.”