SoLo Funds
SoLo Funds is a Certified Public Benefit Corporation that provides community-based financial services, including loans, debit cards, and credit-building programs, with a focus on underserved communities.
Company Overview
SoLo Funds is a Certified Public Benefit Corporation that provides community-driven financial solutions. It has distinguished itself by becoming the only Black-led financial services Certified B Corp in the US and Canada. The company offers a variety of services designed to promote financial inclusion and empowerment, especially targeting underserved communities.
Services Offered by SoLo Funds
SoLo Funds offers a range of financial services tailored to meet the needs of its community. Key offerings include the SoLo Wallet, which features debit cards, access to a network of ATMs, and no overdraft fees. They also provide life insurance and credit-building services, along with the SoLo Impact Account that allows users to earn by funding loans. Other offerings include the SoLo Credit Builder program and the SoLo Lender Protection program to cover missed payments.
SoLo Funds Innovative Products
Among its innovative products, SoLo Funds features the SoLo Mastercard® Debit Card, issued by Bangor Savings Bank. The SoLo Wallet and SoLo Impact Account are also noteworthy products that enhance financial accessibility. Additionally, SoLo Funds offers a Community Lending as a Service (CLaaS) through its white-label SaaS product, enabling other organizations to leverage its platform for equitable capital access.
Strategic Partnerships
SoLo Funds collaborates with Bangor Savings Bank for its banking services. This partnership enables the issuance of the SoLo Mastercard® Debit Card and supports other financial products offered by SoLo Funds. These strategic alliances help SoLo Funds in facilitating seamless transactions and expanding its service capabilities.
Focus on Community and Social Impact
SoLo Funds has a strong focus on social impact, with 82% of its members coming from underserved zip codes. Initiatives like SoLo Causes, which donates a percentage of revenue to nonprofits, and the Amplify Fund, help create equitable access to emergency capital. The voluntary fee structure and emphasis on optionality demonstrate a commitment to community finance and transparency.