Black-owned wealthtech start-up Esusu hits $1bn valuation following $130m Series B

Credit-building wealthtech Esusu has raised $130 million in a Series B round, valuing the company at $1 billion.

Esusu’s co-founders Samir Goel and Wemimo Abbey

Esusu is now one of just a handful of Black-owned unicorn start-ups in the US and across the world.

The start-up, founded in 2018, was initially built to help users save and build their credit. It has since expanded its offering into the rental market, serving both tenants and landlords.

It helps tenants and landlords report rental payments, and for landlords only, it predicts risk and reduces late payments.

Esusu says the latest funding means it can continue its “mission of dismantling barriers to housing for working families, and work towards our vision of unleashing the power of data to bridge the racial wealth gap”.

The wealthtech says the Series B fundraise will enable it to triple its workforce, hiring “justice capitalists” across its engineering, data science, operations and sales teams. It will also pour money into developing the “most comprehensive financial health platform” in the US and expand its footprint in the country’s rental market.

The funding round was led by SoftBank Vision Fund 2 and saw participation from new investors Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies and Wilshire Lane Capital.

The Series B also saw participation from existing investors Concrete Rose Capital, Equity Alliance, Impact America Fund, Motley Fool Ventures, Next Play Ventures, Serena Ventures, Sinai Ventures and TypeOne Ventures.

Esusu held a $10 million Series A round last year, led by Motley Fool Ventures managing partner Ollen Douglass.