10K Users from Product Launch Day 1 | TomoCredit Kristy Kim

Summary

Chrisy Kim, the founder and CEO of Tomo Credit, a fintech AI startup in San Francisco, discusses the challenges immigrants and international students face in obtaining credit in the US. With no background in banking, Kim leveraged her own experiences and industry insights to build a platform that approves loans based on a proprietary 'Tomo score' derived from bank data, not traditional credit scores. The company has grown exponentially, aiming to empower its diverse customer base and help them build a better financial future.

Takeaways

• 🚀 Chrisy Kim, the founder and CEO of Tomo Credit, shared the company's rapid growth, starting from over 10,000 customers on day one to nearly 4 million customers in the US.
• 💡 Tomo Credit is a fintech AI startup based in San Francisco that was founded to address the credit access issues faced by immigrants and international students.
• 🌟 The company experienced significant growth during the COVID-19 pandemic, growing by 400%, and aims for another 200% growth this year.
• 🏦 They received investment from Barclays UK bank and have been able to meet and learn from various banking professionals, which helped them in their journey.
• 🔢 Tomo Credit uses its proprietary 'Tomo score' to assess creditworthiness based on bank account data, offering a solution for those without a traditional credit score.
• 🛡️ The company's approach to risk management involves hiring experienced professionals from established banks to ensure the sustainability and security of their lending practices.
• 💼 Chrisy Kim's personal experiences with credit rejections motivated her to create a solution for immigrants and international students facing similar issues.
• 🤖 The Tomo score is based on factors such as affordability, sustainability of income and spending patterns, and the willingness to pay, which are crucial for assessing credit risk.
• 🌐 Tomo Credit does not share private or sensitive customer data with lenders, ensuring privacy while still providing valuable insights to partners.
• 🌱 The company's mission is to help people build a better tomorrow by providing financial services to those traditionally underserved by the banking system.
• 💪 Chrisy Kim advises entrepreneurs to turn their weaknesses into superpowers and focus on their strengths, which has contributed to her success as a founder.

Q & A

What is the name of the fintech AI startup based in San Francisco mentioned in the transcript?

The name of the fintech AI startup is Tomo Credit.

Who is the founder and CEO of Tomo Credit?

Chrisy Kim is the founder and CEO of Tomo Credit.

Why did Chrisy Kim and her friends decide to start Tomo Credit?

Chrisy Kim and her friends decided to start Tomo Credit because they faced difficulties in getting credit cards, auto loans, and mortgages as immigrants and wanted to help others with similar issues.

What investment did Tomo Credit receive from Barclays UK bank?

The transcript does not specify the exact type or amount of investment received from Barclays UK bank, only that they received investment.

How did Tomo Credit's growth rate compare during the COVID pandemic and the following year?

Tomo Credit grew by 400% during the COVID pandemic and by 200% in the following year.

What is the main challenge that immigrants and international students face according to Chrisy Kim?

The main challenge that immigrants and international students face, according to Chrisy Kim, is not having a credit score, which makes it difficult for them to get loans and other financial services.

What is the significance of the 'Tomo score' in the context of the company's services?

The 'Tomo score' is a proprietary formula used by Tomo Credit to assess the creditworthiness of customers without a traditional credit score, allowing them to approve loans based on bank account information.

How does Tomo Credit handle the privacy of its customers' data when working with partner lenders?

Tomo Credit does not share any private or privacy-related data of its customers with lenders. The data is used to train the model for the Tomo score, ensuring confidentiality.

What is the role of Tomo Credit in the credit ecosystem according to Chrisy Kim?

According to Chrisy Kim, the role of Tomo Credit in the credit ecosystem is to help people who are rejected by traditional financial institutions due to lack of credit history, by providing them with a chance to build credit and access financial services.

What advice does Chrisy Kim give to young entrepreneurs and herself in retrospect?

Chrisy Kim advises young entrepreneurs to turn their weaknesses into superpowers, focusing on their strengths and hiring people who excel in areas they are not good at, to improve overall company performance.

What is Chrisy Kim's vision for Tomo Credit in the future?

Chrisy Kim's vision for Tomo Credit is for it to become a big brand that empowers immigrants, helping them succeed in various financial aspects such as getting apartments or auto loans, and to be the go-to brand for international students.