Possible Finance Company Research Report

Company Overview

• Name: Possible Financial Inc. (dbA Possible Finance)

• Mission: To help individuals break the debt cycle and unlock economic mobility, providing fair, transparent, and accessible financial services.

• Founded: Exact founding date not provided.

• Founders: Tony Huang and Tyler Conant (Co-Founders)

• Key People:

• Tony Huang - Chief Executive Officer

• Tyler Conant - Chief Technology Officer

• Ellen Falbo - Chief Credit Officer

• Harsha Srinivas - Chief Financial Officer

• Kevin Platshon - Chief Product + Marketing Officer

• Headquarters: 2231 1st Ave., Suite B, Seattle, WA 98121

• Number of Employees: No information available.

• Revenue: No information available.

• Known For: A fintech company offering a payday loan alternative with products focusing on installment payments and credit-building, and known for its mission-driven approach, acting as a Public Benefit Corporation.

Products

Possible Loan

• Description: An alternative to payday loans, offers installment plans with transparent pricing, built to prevent customers from debt traps.

• Key Features:

• Loan amounts up to $500 (amount varies by state).

• Fast approval with funds disbursed typically within minutes.

• No late or penalty fees.

• Repayment over four installments.

• Credit building by reporting on-time payments to credit bureaus.

Possible Card

• Description: A credit card with no interest policy designed to build credit without contributing to debt traps.

• Key Features:

• No interest and no late fees.

• Unlock a $400 or $800 credit limit instantly (terms vary).

• No credit check or security deposit required.

• Monthly fee of $8 or $16 based on the credit limit.

• Helps in building credit history with on-time payments tracked.

Recent Developments

• New Product Launches: Possible Loans are now available in Hawaii and Oregon expanding their service reach in these states.

• Partnerships: The Possible Card is issued by Coastal Community Bank, Member FDIC, in partnership with Mastercard International.

• Regulatory Influence: Played a role in reforming payday loan laws in three states, including Hawaii, to replace single-payment loans with installment loans for better borrower protection.

• Technology: Released an app for easy application and loan management, supporting fast, flexible financial solutions.

• Community Impact: Converted to a Public Benefit Corporation, demonstrating its commitment to financial fairness and consumer welfare.

Additional Information

• Impact and Achievements:

• Saved consumers over $270 million in predatory lending fees.

• Helping borrowers improve credit scores, with a noted increase of 70 points within four months for some users.

• Successfully lent over $400 million to consumers.

• Customer Testimonials:

• Over 100,000 5-star reviews from satisfied users.

• Highlighted for customer-centric policies, such as no hidden fees and enhancement of credit scores.

• Legal and Compliance:

• Licensed in multiple states for loan disbursement.

• Ensures all products are subjected to eligibility and proper approval processes.

The focus on transforming financial services with empathy, aligning with customer interests, and ensuring transparency marks Possible Financial Inc. as a notable player in the fintech industry today.