Einat Steklov, co-founder and co-CEO of Kashable, tapped into her innovator spirit when she immigrated to the United States from Israel and faced hurdles trying to build a credit profile.
Her challenges — which were present even though she was "gainfully employed,"
How it works: Employees whose companies sign up for Kashable's loan program complete an online loan application and, if approved, they can receive their funds in as little as one day, according to the company's website. The funds are then deposited directly into the employee's checking account, which must be in good standing for at least 90 days prior to receiving the loan.
Borrowers get approved for loans based mostly on employment data rather than credit scores. Then they repay the loans through automatic payroll deductions. To date, Kashable has partnered with more than 250 employers to provide financing and other financial services to employees. It recently secured $25.6 million in Series B funding, which will be used to make more loans and ramp up its ability to create more financial wellness services.
"In a world where financial instability can strike anyone, at any time, Kashable is taking a bold stance: access to credit shouldn't be a privilege, it should be attainable," Steklov said in a press release announcing the Series B funding.
Steklov has described Kashable as a "socially responsible financial wellness company" that can help borrowers establish or improve their credit scores, in part because Kashable reports to the major credit bureaus. According to the company, an analysis of the loans it originated showed that 64% of repeat Kashable borrowers saw their credit score improve as they secured funding and repaid it. The analysis also found that 81% of borrowers who had no credit score when they received a Kashable loan were able to establish one by the time they paid off their loan.
In connection with her work, Steklov was invited to speak at NYU Stern's 2024 FinTech Conference with other fintech investors and startup companies.
