SimplyCredit
The Ultimate Solution to Credit Card Debt.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor investor | €0.0 | round | |
* | N/A | Seed | |
| Total Funding | 000k | ||
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SimplyCredit, founded in 2015 by Joyce Noah-Vanhoucke and Karthik Sethuraman, operated as a financial technology firm in San Francisco, targeting the consumer finance sector. The company positioned itself as a developer of tools and analytics to streamline credit access, particularly for refinancing high-cost credit card debt.
The core of SimplyCredit's business was an online platform that collaborated with credit unions to offer their members a way to consolidate and pay off credit card balances. For the end-consumer, the service provided a single line of credit, issued at a simple interest rate, to pay down existing and new card balances. The platform would then make monthly payments directly to the credit card companies on the customer's behalf, consolidating multiple debts into a single revolving line with one monthly payment. A key benefit highlighted was that customers could maintain their existing credit cards and the associated rewards programs while avoiding higher interest rates and complex fee structures.
For its credit union partners, SimplyCredit offered a free platform and toolkit designed to grow their loan portfolios and membership. The company provided a management dashboard for tracking applications, balances, and other key metrics, aiming for a quick rollout without extensive technical integration. The business model was tied to the financial success and savings of the credit unions' members, rather than direct fees for the platform.
The company successfully raised $1.5 million in a Seed funding round on September 17, 2015, with participation from investors including XSeed Capital, Blumberg Capital, and Propel Venture Partners. Despite its initial launch and funding, corporate records indicate that SimplyCredit is no longer in business.
Keywords: consumer finance, credit card refinancing, debt consolidation, personal line of credit, credit union solutions, fintech, financial wellness, online lending platform, balance transfer, simple interest loans, consumer lending, credit management, financial technology, Karthik Sethuraman, Joyce Noah-Vanhoucke, San Francisco startup, XSeed Capital, Blumberg Capital