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Friday, February 3, 2023

Esusu Raise $130 Million Series B at a $1 billion valuation led by SoftBank

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Congratulations to Esusu Founders, Abbey Wemimo and Samir Goel on Esusu  becoming a unicorn through raising $130 million Series B at a $1 billion valuation led by SoftBank
This round of investment places Esusu among one of very few black-owned unicorns in the U.S. and globally. Others include US scheduling app Calendly valued at $3 billion; UK based fintech Zepz at $5 billion and digital insurance startup Marshmallow at $1.2 billion; and African fintechs Flutterwave ($1 billion), Chipper Cash ($2 billion) and Interswitch ($1 billion).
Esusu Founders, Abbey Wemimo and Samir Goel started the company in 2018 to build the credit scores of marginalised immigrant community and “leverage data to bridge the racial wealth gap” via rental payments.
“We founded Esusu in 2018 with the premise that no matter where you come from, the color of your skin, or your financial identity it should never determine where you end up in life. In the United States, credit is fundamental to financial stability, access to housing, and upward mobility. Unfortunately, the current system leaves millions behind who are credit invisible, thin-file, or otherwise credit-challenged precluding them from accessing quality financial products.”
Esusu’s platform enables renters to build financial identity, reach financial stability, and ultimately move towards wealth creation. Reaching over 2.5 million rental units across all 50 states, Esusu’s platform provides a win-win solution for landlords and renters alike. The Series B fundraise will enable the firm to scale the team, accelerate new product development, and grow our reach across the rental market.
SoftBank Vision Fund 2 led the funding round, with participation from Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies and Wilshire Lane Capital.
Esusu’s existing investors include, Concrete Rose Capital, Equity Alliance, Impact America Fund, Motley Fool Ventures, Next Play Ventures, Serena Ventures, Sinai Ventures, and TypeOne Ventures.
Esusu plans to use this Series B capital infusion to scale the team, turbocharge growth through product innovation, and build the most comprehensive financial health platform in the market.
Esusu has experienced rapid growth. In November 2021, the fintech announced a joint initiative with Freddie Mac Multifamily to help more renters build financial stability by encouraging owners of multifamily properties to report on-time rental payments.
Esusu currently works with 35% of the largest landlords on the National Multifamily Housing Council (NMHC) list. Their partners include BH Companies, Camden Property Trust, Cushman & Wakefield (formerly Pinnacle), GoldOller, Goldman Sachs Asset Management, Harbor Group, L+M Development Partners, Jonathan Rose Companies, Morgan Properties, Related Companies, Starwood Capital Group, Stoneweg, Winn Residential, and more.
Esusu envision a world without housing evictions and homelessness. They are committed to keeping families in their homes, all while building financially healthy communities for renters and property owners alike.
Esusu is currently hiring across many departments, including Engineering, Data Science, Product, Operations, Marketing, Human Resources, Account Management, and Sales.

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