FinTech news in crosslink capital category

Qualifying for a credit card is not easy when you have a poor credit score or none at all, but Los Angeles-based fintech company Arro wants to help consumers grow their credit line while also teaching them why that important. Duitch started the company with Luke Pelullo in 2021 to provide a credit card and credit-building platform that has a proprietary underwriting model that instead of relying on the FICO system, relies on income; for example, earning at least $1,000 a month in income. However, from Arro’s perspective, traditional lenders appeal to their bottom line, which doesn’t involve helping its customers stop the cycle of overspending or going into debt, Ryan Duitch, co-founder and CEO at Arro, told journalist. As the customer progresses through the in-app activities, like learning how to use credit responsibly and creating and meeting budget and savings goals, there are additional rewards like increases in credit line.

To that end, Denim provides financial products, operations tools and automated workflows for freight brokers — the middlemen between shippers and carriers. CEO and co-founder Bharath Krishnamoorthy tells journalist that the new cash, a combination of equity ($26 million) and debt ($100 million), will be put toward scaling the business and providing Denim customers with working capital. Why Convoy’s Dan Lewis expects digital freight to go mainstream within the year Denim competes with other fintech firms in the space, including TriumphPay, HaulPay and OTR Capital. But he did volunteer that Denim has connected more than 7,000 freight brokers, shippers and carriers since its launch three years ago.

This, in fact, can also potentially provide a steer to Novo on what might be most popular and potentially worth considering as in-house products in the future, but for now it serves another couple of key purposes: it makes Novo more useful for its customers, and it provides more data sources to Novo to build future products.