TomoCredit Raises $122M in Funding

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Last updated on August 2nd, 2022

TomoCredit has raised $122 million in funding to expand its current product offers. No credit score is needed to obtain the card, which currently serves over 40 million credit-invisible international students and immigrants in the U.S.

TomoCredit Raises $122 Million in Funding

TomoCredit announced it has now raised $122 million in equity and debt. The credit card company was just in its infancy a couple of years ago, yet, it has attracted investors, including Morgan Stanley’s Next Level Fund, MasterCard, and debt from Silicon Valley Bank. The batch includes fintech investors and culture funds, such as GoldHouse, Asian Hustle Network, and Hyphen Capital.

Morgan Stanley’s Next Level Fund offers cash investments and services for women-led startups, and TomoCredit is one of them. Kristy Kim, a first-generation South Korean immigrant, is the founder and CEO of TomoCredit. She started TomoCredit with the desire to help immigrant communities reach their American Dream faster.

As a result, the TomoCredit motto is: “No Fico, No Problem”. TomoCredit doesn’t use traditional underwriting to qualify applicants for a credit card. It has a proprietary underwriting algorithm called Tomo Score, which helps identify potential borrowers that don’t have credit scores.

How TomoCredit Works

TomoCredit evaluates individual circumstances and considers alternative metrics to determine credit worthiness to provide an opportunity to individuals seeking credit access. Once approved, cardholders can start building credit with responsible use of the card, meaning on-time payments. The card then reports to all three major credit bureaus.

TomoCredit to Extend Credit Products

With all the investments and capital lined up for TomoCredit, they plan to extend its credit products to include auto loans and mortgages using their innovative underwriting solutions. Kristy Kim says, “We decided to add more capital for two key reasons. First, we were seeing incredible organic demands in the past two years, and we wanted to hire top talent to keep up with that organic growth. Secondly, we want to take full advantage of the newest consumer trends of avoiding high APR products. TomoCredit charges 0% APR with no fees. In recent months, many people who have 15 – 25% higher APR cards are ditching those products and flocking over to TomoCredit.”

The company has also hired credit experts to join as TomoCredit board members. Such experts include former CRO from American Express, Ash Gupta, and ex-CRO at Lending Club, Chaomei Chen.

About TomoCredit

TomoCredit is a credit card catered to young adults, students, and immigrants on the path to building a better financial future. With the TomoCredit World Elite Credit Card, customers get to improve credit while they earn rewards from partners like DoorDash, Lyft, and more.

TomoCredit is a product focused on being inclusive, with over 30,000+ people choosing to take control of their finances. The card doesn’t require a credit history and has no fees or interest rates (APR), a beneficial feature for cardholders on the road to better credit.

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About: Jeannyn Gomez
Jeannyn Gomez

Jeannyn is the Content Management Assistant for In addition to serving on all aspects of social media and spreading the word on expert credit and personal finance advice, Jeannyn finds herself on quests for humor, supernatural phenomena, and conspiracy theories for fun.

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