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