SoLo Funds
SoLo Funds is a peer-to-peer community finance platform that enables cash-poor and underbanked Americans to borrow $20-$650 from individual lenders through a voluntary tip-and-donation model, while also offering FDIC-insured banking and AI-powered financial tools.
- Company typePrivate
- Founded2018
- HeadquartersLos Angeles, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What SoLo Funds does
SoLo Funds is a peer-to-peer community finance platform founded in 2018 and headquartered in Los Angeles that facilitates short-term loans of $20-$650 between individual members using a voluntary tip-and-donation model rather than stated interest. The platform serves approximately 3 million registered members, of whom 82% come from economically underserved zip codes, and has facilitated over $1.4 billion in loans across more than 2.5 million funded transactions with a median funding time of roughly two minutes. Its primary segments are cash-poor and underbanked Americans, gig workers without direct deposit, and individuals with thin or no traditional credit history; the platform underwrites using its proprietary SoLo Score rather than FICO.
The underlying technology stack combines mobile iOS and Android applications, KYC/AML verification through Plaid, account linking via Astra, and a Banking-as-a-Service architecture connecting to Bangor Savings Bank through Treasury Prime, with bank-grade encryption and a SoLo Mastercard debit card issued by the partner bank. SoLo has layered AI capabilities onto its transaction data flywheel, including SoLo IQ (an AI financial co-pilot launched September 2025), SoLo NowCAST (an enterprise-facing real-time inflation prediction engine built on the proprietary Consumer Vitality Index, launched June 2026), and a SoLo Wallet banking product. SoLo Lender Protection and the SoLo Impact Account provide optional lender-side services.
Revenue is generated through a mix of mandatory and voluntary fees: borrower transaction fees of 2 * [(0.009 * principal) + $0.70], voluntary tips to lenders, voluntary donations to the platform, late fees of 15% or $5 (whichever is greater) on overdue loans, a 12% SoLo lender fee on in-grace repayments, a 35% recovery fee on loans repaid between 36 and 90 days post-grace, and a 1.99% instant withdrawal fee. The company is a Certified B Corp (recertified in 2026 with a 139.4 impact score), is the only Black-led financial services B Corp in the US and Canada, and operates under brand extensions including SoLo Wallet, SoLo IQ, SoLo NowCAST, and Ese (a Black-women-focused financial platform developed with Essence). The company has faced and resolved CFPB and multi-state regulatory scrutiny, dismissed the CFPB lawsuit with prejudice in February 2025, and closed a $10 million Series A in March 2025.
SoLo Funds firmographics
Firmographics- Name
- SoLo Funds
- Legal name
- SoLo Funds, Inc.
- Website
- http://www.solofunds.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- SoLo Funds is a peer-to-peer community finance platform that enables cash-poor and underbanked Americans to borrow $20-$650 from individual lenders through a voluntary tip-and-donation model, while also offering FDIC-insured banking and AI-powered financial tools.
- Ownership category
- akta.pro rank
SoLo Funds industry classification
Industry- Product category
- Peer-to-Peer Lending
- NAICS
- Other Financial Vehicles (525990), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Loan Brokers (6163), Personal Credit Institutions (6141)
- akta.pro primary industry
- Microfinance & Community P2P Lending (FSAKAHAD)
- akta.pro secondary industries
- P2P Loan Syndication & Participation Platforms (FSAKAHAL), Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF), Private Credit / Direct Lending (FSAAAHAG)
Keywords
Where SoLo Funds is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
SoLo Funds business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Voluntary Tips (Borrower to Lender): Borrowers may optionally tip lenders as a token of gratitude. Tips are voluntary and not a condition of receiving a loan. This represents a voluntary revenue stream for lenders and creates the primary value exchange in the community lending model.
- Voluntary Donations (Borrower to Platform): Borrowers may optionally make donations to SoLo to offset operational costs. The donation option can be turned off in settings. These are purely voluntary and shall not be construed as a requirement or condition to receive a loan.
- Transaction Fees (Borrower): Borrowers pay a transaction fee equal to the costs of money movement in each loan. The fee formula is: 2 * [(0.009 * principal) + $0.70]. This covers the cost of transferring funds between parties.
- Late Fees (Borrower to Lender): If a borrower repays after the grace period, they pay a late fee of 15% or $5, whichever is greater, paid to the lender. Additionally, a transaction fee of 2 * [(0.009 * principal) + $0.70] is charged to the borrower.
- SoLo Lender Fee: If a loan is repaid within the Grace Period and wasn't funded with SoLo Lender Protection (SLP), SoLo charges the lender a fee equal to 12% of the principal. This covers administrative and margin costs associated with monitoring late-paying borrowers.
- Recovery Fee (Lender to SoLo): For loans repaid between the 36th day after funding date and the 90th day after the repayment date, SoLo charges lenders a recovery repayment fee equal to 35% of the loan principal. After 91 days, a third-party collections partner is engaged, retaining a 35% commission.
- Instant Withdrawal Fees: SoLo charges a 1.99% withdrawal fee on instant transfers to debit accounts. ACH withdrawals are available at no charge through participating banks.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | No mandatory fees for borrowing - tips and donations are fully voluntary |
| Transaction based/ take rate | Pay-as-you-go | Transaction fees for money movement |
| Transaction based/ take rate | Pay-as-you-go | Late fees for post-grace period repayment |
| Transaction based/ take rate | Pay-as-you-go | Lender fees for platform services |
| Transaction based/ take rate | Pay-as-you-go | Instant withdrawal fee for faster access to funds |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels8 records
SoLo Funds product offering
Product offeringCore offering
SoLo Funds operates a mobile peer-to-peer community finance marketplace where individual members request and fund short-term loans of $20-$650, with a voluntary tip-and-donation pricing model instead of mandatory interest. The platform extends into FDIC-insured banking through Bangor Savings Bank, AI-powered personal financial coaching via SoLo IQ, and an enterprise-facing real-time U.S. inflation forecasting product (SoLo NowCAST) sold to financial institutions and investors.
Product overview
SoLo Funds is a community finance platform combining peer-to-peer lending, AI-powered banking, and financial intelligence tools for underserved Americans. The platform consists of SoLo Borrow (loan requests from $20-$650 with borrower-set terms), SoLo Lend (lender marketplace with optional protection), SoLo Wallet (FDIC-insured banking via Bangor Savings Bank with Mastercard debit), SoLo IQ (personalized AI financial co-pilot), SoLo NowCAST (enterprise predictive inflation analytics), SoLo Score (proprietary credit-building metric), The Cash Poor Report (annual financial research), and SoLo Lender Protection/Impact Account (optional add-on services). Certified B Corp and the largest Black-owned fintech in the US.
Differentiator
Problem solved
Functional benefit
Brands
- SoLo IQ: AI-powered personal financial co-pilot that provides personalized money guidance based on user financial data and community transaction patterns.
- SoLo NowCAST
- SoLo Wallet
- Ese
Products and services
- SoLo Funds (P2P Lending Platform) Peer-to-peer community finance marketplace connecting individual borrowers with individual lenders for short-term loans ($20-$650) using a voluntary tip-and-donation model instead of mandatory interest.
- SoLo Borrow Borrowing product allowing members to request loans of $20-$650 with borrower-set terms (including optional tip and repayment date), no traditional credit check, and eligibility determined by SoLo Score.
- SoLo Lend Lending product enabling members to browse borrower loan requests, evaluate via SoLo Score and repayment history, fund chosen loans, and optionally add SoLo Lender Protection for default coverage.
- SoLo Wallet AI-powered community banking solution with a Mastercard debit card, ATM network access, no overdraft fees, and interest-earning accounts, with FDIC-insured deposit services provided through Bangor Savings Bank.
- SoLo IQ AI-powered personal financial co-pilot that connects to SoLo and external bank accounts via secure linking to answer budgeting questions, set performance goals, and deliver real-time personalized wealth-building recommendations in plain language.
- SoLo NowCAST Real-time consumer prediction engine for U.S. inflation forecasting, using the proprietary Consumer Vitality Index (CVI) trained on 260M+ transaction events to surface early signals of consumer financial behavior change ahead of official CPI releases. Sold to financial institutions and investors via dashboard and API integration.
- SoLo Impact Account Managed lending account allowing lenders to deposit funds, choose investment options, maintain a minimum balance, and earn monthly impact and returns without having to pick individual loans.
Quantifiable outcome
- Saved members $4.3 million compared to subprime credit cards in 2025
- +3 more outcomes
Companies that use SoLo Funds
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
SoLo Funds technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
AI capability6 records
Feature4 records
SoLo Funds partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- Bangor Savings BankcorePartner depository institution providing FDIC-insured banking services. SoLo's Mastercard debit card is issued by Bangor Savings Bank, Member FDIC. All SoLo users are required to open accounts at Bangor Savings Bank for loan proceeds and funding. Pass-through FDIC insurance coverage applies. This is a Banking-as-a-Service relationship.
- PlaidcorePlaid conducts Know Your Customer (KYC) verification and anti-money laundering requirements for SoLo. Plaid obtains identifying information including name, email address, tax ID, address, telephone number, date of birth, and government-issued ID for regulatory compliance.
- Treasury PrimecoreTreasury Prime acts as the Banking as a Service provider between SoLo and Bangor Savings Bank, providing the technical infrastructure connecting SoLo's platform to Bangor's banking services.
- AstracoreAstra allows linkage to and storage of external bank accounts for money movement purposes. Users are subject to Astra's privacy policy and terms of service.
- Stride HealthminorSoLo partners with Stride Health to provide affordable health insurance options to SoLo members through an easy application process. This partnership expands financial inclusion offerings beyond lending to include insurance access.
- Opinium ResearchminorResearch partner for the annual Cash Poor Report. Opinium conducted the survey of 2,000 U.S. adults for the 2026 Cash Poor Report.
- Morgan State UniversityminorAcademic partner for the 2026 Cash Poor Report. Dr. Katayoon Beshkardana of Morgan State University provided analysis and conclusions for the report.
- Global Black Economic ForumminorPolicy organization partner for the 2026 Cash Poor Report, contributing research on economic issues affecting Black communities.
- Aspen Institute Financial Security ProgramminorPolicy organization partner for the 2026 Cash Poor Report, focused on financial security and inclusion.
- Independent Women's ForumminorPolicy organization partner for the 2026 Cash Poor Report, contributing research and expert commentary on financial issues.
- Beloved Community ServicesminorSoLo partnered with Beloved Community Services to offer financial literacy courses for Baltimore residents, demonstrating community outreach and financial education initiatives.
- KivaminorSoLo partnered with Kiva to strengthen the capital ladder for financially-excluded Americans. Kiva offers micro-loans for businesses while SoLo offers personal lending—two complementary approaches to affordable credit.
- Essence (Ese platform)minorSoLo partnered with Essence magazine to create 'Ese,' a new financial platform for Black women designed to build wealth and collective financial power of Black women specifically.
- BloombergminorSoLo NowCAST debuted on Bloomberg Markets in April 2026, with Co-Founder Rodney Williams appearing on the program to discuss the enterprise inflation forecasting tool. This represents media partnership and product demonstration opportunity.
- Travis HolowayminorSoLo co-founder Rodney Williams partnered with Travis Holoway on 'The Wealth Break' initiative to help communities build wealth and make real money moves. This is a content/marketing partnership.
Scale indicators16 records
Recent moves6 records
Expansion highlights6 records
SoLo Funds competitors and assessment
Company assessmentDirect peers
- Possible Finance: Possible Financial (now Possible) offers small-dollar loans to underbanked consumers via a mobile app, similar in mission and target segment to SoLo Funds. Both compete for cash-strapped borrowers seeking alternatives to payday loans with no traditional credit checks.
- Dave: Dave is a banking and cash advance app offering advances up to $500 with an optional tip model, directly mirroring SoLo's voluntary tip structure. Both serve gig workers and underbanked Americans seeking short-term liquidity via mobile-first platforms.
- Earnin: Earnin provides earned wage access and cash advances with a tip-based model, addressing the same cash-poor paycheck-to-paycheck segment as SoLo Funds. Their voluntary payment structure and mobile-first delivery make them a direct competitor to SoLo's lending marketplace.
- Brigit: Brigit offers cash advances and financial tools to underbanked consumers via a subscription model, targeting similar cash-poor personas as SoLo Funds. Both compete for users seeking small-dollar liquidity and budgeting assistance.
- MoneyLion: MoneyLion provides a mobile banking platform with cash advances, credit builder loans, and lending products to underbanked consumers. Its credit-building and cash advance offerings overlap materially with SoLo's borrow/lend marketplace and Credit Builder programs.
- Kiva: Kiva is a nonprofit P2P micro-lending platform that SoLo has even partnered with to strengthen the capital ladder for financially-excluded Americans. Both rely on community lending to fund underserved borrowers, though Kiva focuses on business loans and operates globally as a nonprofit.
Broad incumbents
- Prosper Marketplace: Prosper is a large P2P lending platform for personal loans, providing a marketplace where individual lenders fund consumer borrowers. It operates at a much larger scale and broader credit profile than SoLo's subprime-focused community model.
- LendingClub: LendingClub is an established online P2P lending marketplace that, like SoLo, connects individual lenders with borrowers for personal loans. It serves a more mainstream credit profile and operates at materially greater scale.
- Upstart: Upstart is an AI-driven lending platform that uses alternative data to underwrite personal loans, conceptually similar to SoLo's SoLo Score. It serves a broader credit spectrum and partners with banks, making it a broader incumbent in the AI-based lending space.
Emerging players
- Current: Current is a mobile-first challenger bank offering early wage access, debit cards, and savings features targeting underbanked consumers. Its cash advance and banking features intersect with SoLo's Wallet and Borrow offerings.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
SoLo Funds social profiles
Digital presenceSoLo Funds compliance and trust
Trust signalCompliance3 records
SoLo Funds financial estimates
Financial estimateRevenue estimate
Valuation estimate
SoLo Funds leadership team
Management profileNumber of profiles
Profiles13 records
SoLo Funds funding detail
Funding detailFunding overview
Funding rounds7 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SoLo Funds M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SoLo Funds
What does SoLo Funds do?
SoLo Funds operates a mobile peer-to-peer community finance marketplace where individual members request and fund short-term loans of $20-$650, with a voluntary tip-and-donation pricing model instead of mandatory interest. The platform extends into FDIC-insured banking through Bangor Savings Bank, AI-powered personal financial coaching via SoLo IQ, and an enterprise-facing real-time U.S. inflation forecasting product (SoLo NowCAST) sold to financial institutions and investors.
Is SoLo Funds a public or private company?
SoLo Funds is a private company. It is classified as venture growth investor backed and is currently operating.
When was SoLo Funds founded?
SoLo Funds was founded in 2018. It employs 101 to 250 people.
Where is SoLo Funds based?
SoLo Funds is headquartered in Los Angeles, United States, in the North America region.
How does SoLo Funds make money?
Seven revenue lines are on record. Voluntary Tips (Borrower to Lender) is the primary driver. The others are voluntary Donations (Borrower to Platform), transaction Fees (Borrower), late Fees (Borrower to Lender), soLo Lender Fee, recovery Fee (Lender to SoLo) and instant Withdrawal Fees.
Who are SoLo Funds's main competitors?
Direct peers on record are Possible Finance, Dave, Earnin, Brigit, MoneyLion and Kiva. Broad incumbents are Prosper Marketplace, LendingClub and Upstart. Current is listed as an emerging player.
Does SoLo Funds have an API?
No public API is recorded for SoLo Funds.
What industry is SoLo Funds in?
SoLo Funds's product category is Peer-to-Peer Lending. Its primary akta.pro industry code is FSAKAHAD, Microfinance & Community P2P Lending, with a secondary code of FSAKAHAL, P2P Loan Syndication & Participation Platforms. Its NAICS code is 525990 and its SIC code is 6163.