Fintech Company Dovly Closes $2M Seed Funding Round with Venture Capital Firm NFX to Propel Growth
First fully automated credit improvement platform helps consumers get ahead financially
PHOENIX, June 16,2020 ─ Dovly, a consumer-focused credit improvement company, today announced it raised $2 million in seed funding. The round was led by venture capital firm NFX, which focuses on helping grow companies based on the principals of network effects and marketplaces. The funding will accelerate Dovly’s commitment to provide consumers with a more efficient, effective credit improvement solution than those currently available in the market.
Dovly has developed the first fully automated credit improvement platform based on a sophisticated algorithm proven to increase credit scores. The solution is fully automated, and 92% of Dovly customers improve their scores within six months. Since its founding in 2018, Dovly has partnered with several prominent fintech companies to make its solution more accessible, including MoneyLion, Credit Sesame, Varo Money and Chime.
“We’re disrupting the credit repair industry by putting power back in the hands of consumers,” said Nirit Rubenstein, CEO and co-founder, Dovly. “For those who suffer from poor credit and limited access to banking services, this funding will help us further achieve our goal of providing the tools and education consumers need to get ahead financially and achieve peace of mind.”
“Consumer financial credit systems are at an important inflection point in the U.S.,” said James Currier, managing partner at NFX. “Dovly provides a technology platform that will give tens of millions of Americans access to financial products and thereby transform their futures.”
“As Dovly’s user base grows, its algorithm gets stronger and stronger,” said Rubenstein. “As a company led by credit experts, we’re excited to work with the partners at NFX to help our company grow, bringing much needed reform to the consumer credit space.”
NFX has invested in or advised more than 300 successful startups at their earliest stages which have gone on to create more than $50 billion in value. Dovly joins the company of Mammoth Biosciences, Incredible Health, Outdoorsy, Firefly, and many other startups in the NFX portfolio, as well as the NFX partners having made previous investments in companies like Lyft, DoorDash, Poshmark, Angellist, and Patreon.
Dovly is an automated credit improvement platform that helps consumers boost their credit score and gain control of their financial well-being. The company was founded in 2018 with the mission of making financing accessible to everyone. Dovly helps make the credit improvement process affordable, accessible and stress-free. For more information, visit https://www.dovly.com.
NFX is a leading seed-stage venture firm based in San Francisco, CA and Herzlia, Israel, started by technology entrepreneurs who built 10 companies with more than $10 billion in exits. They are experts in networks, platforms and marketplaces across multiple industries and geographies. To learn more, visit www.nfx.com and follow @NFX on Twitter.