Without playing “ball” with FICO, it’s next to impossible to build credit. This means a GenZer can have all the Bitcoin they want — but they’re still not renting a house, or getting a car loan.
Meet TomoCredit — the only credit card that doesn’t require a credit score. And this doesn’t mean “no credit OK” stuff — this means NO credit score needed at all.
Instead, the Tomo card evaluates cryptocurrencies, bank balances, and other non-traditional benchmarks to issue credit, and works to keep raising a customer’s credit profile and limits.
TomoCredit was born from necessity when founder Kristy Kim found herself as a young immigrant student at UC Berkeley and unable to get approved for a car loan (she was denied 5 times!) despite having money in the bank, and no outstanding debt.
Kristy founded TomoCredit to help other immigrants, students, and POC build credit and close the gap between creditworthiness and marginalized groups where the traditional FICO system has failed them.
“As a South Korean immigrant, I understood the true pain point when I came to the US and couldn’t get qualified for an auto loan. I knew there must be a solution so with my co-founder Dmitry, we built TomoCredit centered around helping consumers build credit faster,” said Kim.
"We believe we have the opportunity to not only foster a diverse and inclusive team but to break socioeconomic barriers and provide credit solutions to a much wider audience impacted by this issue. Currently, we have a 50% female representation in our executive leadership team and we are proud of our inclusive culture here at Tomo,” said Kristy.
TomoCredit aims to bring millions of individuals that lack a credit score into the financial system, allowing a diverse group of consumers the opportunity to better position themselves as qualified candidates for mortgages, auto loans, or other major life purchases.
Powered by Finicity – a Mastercard company –and leveraging their secure data network and open banking technology, applicants permit TomoCredit to securely access their bank accounts to access financial data for underwriting purposes.
"TomoCredit is a glowing example of financial services innovation that meaningfully benefits individuals and families," said Steve Smith, chairman, CEO, and co-founder of Finicity. "The team at TomoCredit understands the value of open banking, the wide range of data, and how it can deliver richer insights and better decisioning to drive inclusion for those who are underserved by traditional borrowing processes. We expect big things from the team.”