Milwaukee fintech startup Upwardli announced the company secured $500,000 in its latest pre-seed funding round. The capital comes as a $7M post-money cap SAFE (Simple Agreement for Future Equity) investment. SAFE funding allows investors to convert their investment into equity at a future funding round or sale of the company.
The company serves clients who finds themselves in need of banking service but struggle to secure those services due to their lack of credit history. Users enter basic financial information into Upwardli’s app and then are provided a credit builder service designed for the unique needs of this matched with banking providers willing to serve this, as of now, untapped market.
Co-founder and CEO Aaron Gregory is planning a second quarter launch of the credit builder product in collaboration with a platform bank partner. The company is in talks with has established a partnership with a platform bank and will announce the name of the banking partner in the coming weeks.