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Black-Owned Fintech Esusu Hits Unicorn Status With SoftBank-Led Round

Esusu co-founders Abbey Wemimo, right, and Samir Goel.
Esusu co-founders Abbey Wemimo, right, and Samir Goel.

Source: Erica Westley Photography via Esusu

Corrected

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

Just six months after its Series A, the New York-based company plans to use the $130 million of new capital it received to triple its number of employees and “turbocharge growth through product innovation,” Esusu said in a statement Thursday. Founded in 2018, the company reports on-time rent payments to major credit bureaus in an effort to help renters improve scores and qualify for financial products.