Credit score

How Esusu is Helping Close the Wealth Gap, One Credit Score at a Time

Abbey Wemimo and Samir Goel, the entrepreneurs behind Esusu, are working to drive financial inclusion to help break down the barriers faced by millions of Americans each year.

Photo by VickyG Creative/Vicky Garcia

With 45 million people in the United States without a credit score and millions more marginalized because of their origin, race and zip code, entrepreneurs Abbey Wemimo and Samir Goel realized they had the opportunity to help close the wealth gap by using technology and data to build financial access and inclusion. So in 2018, the couple founded Esusu, a fintech platform that leverages data solutions to both empower tenants and improve property performance. Today, Esusu is the leading rent reporting platform, capturing rental payment data and reporting it to credit bureaus to improve users’ credit scores.

“We launched Esusu with the belief that where you’re from, the color of your skin and your financial identity shouldn’t determine where you end up in life,” Wemimo told Nasdaq’s “Faces of Entrepreneurship” earlier. This year. “As co-founders, Samir and I shared personal experiences with financial marginalization that inspired us to create this platform. Samir’s family arrived in this country without credit and were robbed upon arrival, leaving them without access to money. Personally, when I immigrated to the United States from Lagos, Nigeria, my mother and I had no financial identity or credit score. We needed money, but we have been turned away from the banks because we had no financial history. My mother pawned her wedding ring and borrowed money from a payday lender at an interest rate of over 400%. Inspired by these experiences, the “a-ha” moment happened when we identified that the biggest barrier to entering the financial system is not having a credit score. We knew we wanted to leverage data to establish and improve credit profiles afi n to unlock financial access to millions of Americans.

Now working with 30% of the National Multifamily Housing Council’s largest landlords, with a presence in two million households in all 50 states, Esusu has raised more than $14 million, including an investment from Serena Williams for an untold amount. disclosed.

“I started Serena Ventures to invest in diverse founders and start-ups that are outperforming and creating impact, while empowering others and creating opportunity. Esusu is definitely one of those companies,” Williams told CNBC. in July “Esusu is really focused on creating credit and creating pathways to financial inclusion, not only for working families, but also for individuals.”