Two HBCU Grads Celebrate $1.5 Billion Valuation of Their Fintech App After Major Deal With Qolo

Two HBCU Grads Celebrate $1.5 Billion Valuation of Their Fintech App After Major Deal With Qolo

CreditRich, the new fintech that allows users to round up their spare change to pay their bills intelligently and optimize their credit scores as fast as possible, today announced a newly executed contract with Qolo, the omnichannel payments platform for fintech.

This partnership will strengthen CreditRich’s self-reinforcing model to increase the number of qualified customers for financial products as well as their spending power. Utilizing Qolo’s full-service payments processing platform, CreditRich users can seamlessly manage their banking, credit reporting, and payments under one umbrella.

After funding their CreditRich account, users can set up automatic payments for online billing, improving their payment history and ultimate creditworthiness. Qolo’s distinctive mix of fintech solutions makes it easier for CreditRich users to transition between financial accounts with speed, ease and security, maximizing their opportunities for growth and return.

By delivering payments quickly, CreditRich is furthering its goal of bringing financial access to the masses with a focus on historically underserved and underrepresented communities.

“With the uncertainty the world is facing, consumers are watching their credit now perhaps more than ever, and CreditRich is dedicated to offering innovative and accessible products that help them both grow and protect that credit,” said CreditRich founder Angel Rich.

“That’s why we’re so excited to partner with the incredible team at Qolo, which simplifies the payments model, keeping everything streamlined and allowing for our company’s continued acceleration. We have made incredible progress in the past year and CreditRich believes that the sum total of that work brings our value today over $1.5 billion.”

”Fintech has reached an inflection point where innovators like CreditRich are harnessing their power to solve systemic issues with the goal of closing the wealth gap,” said Patricia Montesi, CEO and co-founder of Qolo.

“Qolo is proud to be selected as the payment processor for CreditRich and shares their commitment to advance financial literacy.”

According to Forbes, last year CreditRich became the first Black-American company to partner with a credit bureau. Now with more than ten partners under its belt, this deal makes it one of the largest executed by a fintech startup both in the United States and globally.

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