CHICAGO, May 17, 2022 (GLOBE NEWSWIRE) -- Cambio, a consumer financial rebuilding platform, announced today that it has received a $500K investment from Y Combinator (YC) and will participate in its Summer 2022 batch. With a 1.5% acceptance rate, Y Combinator is the world's most prestigious tech startup accelerator, partnering with over 3,500 companies that are worth more than $600 billion.
This announcement further validates Cambio's mission of enabling consumers with credit scores below 650 to get ahead today while building for tomorrow. Cambio is a mobile app that helps consumers with poor credit scores resolve bad credit items, build credit through a 0% interest loan, and provides access to affordable refinancing opportunities. Cambio members receive daily guidance and updates that help them navigate the complex U.S. credit system.
"We are honored to be a part of the Y Combinator Summer 2022 cohort," said Blesson Abraham, CEO and Founder of Cambio. "Our platform provides 100 million consumers with debt in collections, the hand up they need to rebuild their finances. We are excited to utilize the resources of YC to accelerate the growth and impact of Cambio."
The growth-focused Y Combinator program begins in June and ends with YC Demo Days in September.
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About Cambio
Cambio is a mobile app that enables its members to improve their credit scores and access affordable credit so they can achieve financial freedom. What started as a simple idea to help non-banking Americans save money at the check-cashers has grown into a movement where people from all walks of life can invest in themselves and escape the pain that comes with damaged credit. Follow @cambiomoney on Instagram, Facebook, Twitter, Tik Tok, and LinkedIn, or visit www.cambiomoney.com to learn more.
About YC
Y Combinator (YC) is a startup accelerator program and investment fund that supports founders at every stage. Since 2005, over 3,500 companies have participated in the accelerator. Today, these companies have an aggregate valuation approaching $600B. DoorDash, Stripe, Segment, Coinbase, GitLab, and Brex have all come out of the Y Combinator accelerator program. For more information about Y Combinator, visit www.ycombinator.com
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