SoLo, a global community finance platform, celebrates its users’ contribution of over US$275 million to underbanked communities, fulfilling 1 million requests and saving US consumers US$30 million in fees compared to subprime credit cards.
This community-driven model addresses the financial challenges of millions of Americans living paycheck to paycheck. As a Los Angeles-based FinTech company with over 1 million users since early 2023, SoLo facilitates borrowing and lending among members, offering transparent access to emergency loans at lower costs than traditional providers.
Founded in 2018 SoLo aims to inject US$1 billion into underserved communities by 2024. Advocating for financial inclusion and transparency, SoLo’s 2023 Cash Poor Report introduces the Total Cost Rate (TCR) to replace the outdated APR, revealing that Americans pay over US$25 billion annually in fees, with subprime credit cards costing $10.2 billion more than peer-to-peer loans.
“We are just grateful we’re able to assist our users when most have let them down,” said Travis Holoway, Co-founder and CEO of SoLo. “Reaching this milestone is a testament to our members and a pivotal moment in our history where we have finally created a winning solution for the communities we represent. We are extremely appreciative of this moment and opportunity.”
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