A new fintech, SoLo Funds, has launched to allow customers to be the borrower and lender as they try to extend affordable credit to the unbanked; SoLo Funds loans cannot exceed $1,000 as they try to reach a market underserved by banks; “I quickly realized there needed to be more affordable access to small-dollar loans,” CEO Travis Holoway said to American Banker; fees are done through tips, a borrower can tip a lender up to 10 percent of the funds received and they can also tip SoLo for providing the service; so far 99 percent of users tip the lender and 97 percent tip SoLo Funds. Source.
