Fintech, making changes together

It has been 5 years since Tomo launched and we continue to surf the unpredicted waves of fintech to ultimately continue our mission of building a better tomorrow. I'm not saying it was easy, but we're proud of what we've achieved around credit building and credit repair.

When we launched our first product, TomoCard, we received an overwhelming amount of interest while improving the lives of our customers.

• 3.5 million users
• Users' credit scores increasing by 29 points on average*
• Over 200,000 total customers answered that they saw positive changes in their credit report within the first 6-month period
• Able to offer personalized insights on cash flow and its impact on credit health
• Leverage our proprietary technology to give users personalized credit building tips

We refined our product over the years, but all in service of continuing to fulfill our mission for the long term. We remain quick and agile as we launched our second product, TomoBoost, a credit repair service that can boost credit scores intelligently using real time data.

Since 2019, we gathered 18 million verifiable bank accounts data based on users' consent. Customers want Tomo to help them learn more about their personal finance, especially personal credit, and get instant insights of their cash flow so they can better manage it.

2023 was a challenging year for fintech startups, but also presented upside opportunities for those who figured out how to adapt quickly. A series of unimaginable events happened in the beginning of 2023.

Rate Increase: Lending startups struggled as the cost of capital doubled, making it challenging to maintain margins. For many fintech companies, cash is their product, and when the cost of capital goes up too high, lending fintech startups simply cannot survive.

Riding the Shifts in Consumer Trends: With the rate increase, consumers became more vigilant with managing their personal finance. Back in 2021, everyone got good rates — with or without a good credit score. Now, with a score below 650, you are simply in trouble. This made credit building popular, and Tomo was able to ride the wave at the perfect timing by listening to our customers.

Startups Are Resilient by Nature: When founders are faced with market events out of their control, they are forced to focus on internal data and IP. For Tomo, we built our own proprietary cash flow data over the past 5 years, gathering millions of bank account data points to build TomoScore, an AI-powered cash flow management solution.

I first landed in the U.S. as a student without a credit score, without a U.S. bank account. I am beyond grateful that in 2024, I get to continue to challenge the status quo with an amazing, world class team at Tomo. Our team at Tomo are “doers” with good intentions committed to building a better tomorrow. We, at Tomo, deeply thank each and every one of our supporters. We are in this together.