SoLo celebrates being the first black-owned Fintech to reach 1 million registered users

SoLo is excited to announce that they have officially become the largest and first Black-owned personal finance platform to reach 1 million registered users with over 1.3 million downloads. This unprecedented milestone still shows a clear unmet need in the financial aid market. Historically, a consumer base like SoLos has been overlooked, lacking opportunities to access short-term capital and meaningful returns. With the public benefit mission of right-banking 254 million underserved Americans, SoLo has attracted investment support from a number of investors and funds, most notably Serena Williams’ fund, Serena Ventures.

Based in Los Angeles with nearly 100 employees, SoLo finally brings a fintech company to the market powered by the people. SoLo makes it possible for members to borrow and lend to and from each other. Lending members provide a return, while loan members get transparent access to personal loans. SoLo has passed 600 thousand in loans funded and $300 million in transaction volume with 82% of members from underserved zip codes. Most Americans, 254 million to be exact, don’t get solutions to grow their wealth or access to personal loans when they need them. SoLo has advanced rapidly by offering a working solution where others have failed to grow without significant venture capital investment.

Reaching one million registered users is a significant milestone, especially because there has never been a Black-owned financial company or bank that has achieved such success. Difficulties with regulation and discriminatory challenges in creating and scaling fintech have made it almost impossible for marginalized groups to create economically

products for their local communities. SoLo is a unique example of this success and is eager to continue scaling in business and impact. As the first to reach the scale of one million users, SoLo is at the forefront of regulatory innovation. SoLo recently announced three strategic additions to its legal and regulatory leadership team. Collin Schwartz has joined as General Counsel, Kyle George as Head of Government & Regulatory Affairs, and Manny Alvarez as advisor.

SoLo is backed by investors who understand the problem and are committed to the enormous opportunity SoLo brings to the market. Investors such as Richelieu Dennis, formerly Sundial and now Essence Ventures and New Voices Fund, Kesha Cash of Impact America, the largest fund by an African-American woman, Arlan Hamilton, Tim Weatherspoon and his wife Kelly Rowland, and Serena Ventures to name a few.

“We are enjoying and thriving where companies have failed,” said Rodney Williams, co-founder and president of SoLo. “Achieving this milestone is a testament to our members and a pivotal moment in our history where we have finally created a winning solution for the communities we represent. We really appreciate this moment and opportunity.”

“SoLo is transforming the lives of ordinary Americans with democratized access to capital and returns that are truly rooted in community. Social economy works and SoLo is proof of that,” says Serena Williams, Managing Partner of Serena Ventures. “We are proud to be behind SoLo while continuing to grow at an incredible pace and focusing on giving underserved groups and individuals the tools they need to thrive financially.”

SoLo was founded by two best friends, Travis Holoway and Rodney WIlliams, when they both shared intimate experiences of friends and family needing access to short-term loans where in most cases they had to go without. Travis and Rodney designed a solution that provides short-term access to capital and returns on a scale that has never been done before. With just $14 million in equity funding, SoLo has emerged as the new financial services leader on track to deliver $1 billion back to underserved communities by Q1 ’24.

For more information on SoLo, visit

*Requirements are defined as a B2C personal financial banking solution, US-based and black-owned with registered users or downloads over 1M. Black owned is defined as black majority ownership.