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The Possible Finance team, before social distancing. (Possible Finance Photo)
Possible Finance was growing fast and ready to raise more venture capital. Then COVID-19 hit.
“It immediately made fundraising much more difficult than anticipated,” said Tony Huang, CEO and co-founder of the 3-year-old startup that runs a high-tech small loan service.
But the company ended up connecting — over Zoom calls, no less — with New York-based Union Square Ventures, which eventually led a $11 million round for Possible. It was the first deal the well-known firm completed over video conferencing.
Possible announced the new funding Tuesday, along with $80 million in debt financing from Park Cities Advisors to help supercharge its business.
Founded in 2017, Possible offers loans of up to $500 and is similar to payday lenders, but with some differences. Borrowers have more time to pay back the money in installments
Technology is becoming more and more prevalent in our everyday lives as well as the workforce. Recent studies predict that by the year 2010 almost every job in the American workplace will require some use of technology. This influx in technology has caused changes in the way the computer is being used in the workplace and in the way computer literacy needs to be taught in our schools.
When the personal computer was first introduced in the 1980’s, people had to learn how to operate it, program it, and utilize its basic functions. Today, people and businesses are becoming more familiar with technology and using it more as a tool for such things as information gathering, data analysis and interpretation, presenting information, problem solving, communication, etc. This technology is also continually being updated and changed to allow for more efficient and productive work, causing people to have to keep pace … Read More