Fintech platform Esusu has raised new funding to help improve financial outcomes for Americans.

The company was founded in 2018 by Wemimo Abbey and Samir Goel (co-CEOs) to help people boost their credit scores. Its inspiration came from their own struggles because both grew up in immigrant families with limited financial resources.

“When we came here, we didn’t have a credit score. We went to one of the biggest financial institutions to borrow money; we were turned away and had to go borrow from a predatory lender who wanted to lend at over 400% interest rate,” Abbey told CNBC, referring to his family’s experience.

This inspired Esusu’s mission to help ensure race, background, or zip code is not a barrier to economic mobility. Its platform can report on-time rent payments to credit bureaus such as TransUnion, Equifax, and Experian, its website mentions. Esusu states that when more renters see their scores increase, they are more likely to remain on top of monthly payments, renew their leases, and maintain trust with property managers.

The platform currently reaches 12 million people across 5 million rental units and supports $100 billion in annual gross lease volume nationwide, a news release states. Esusu also has partnerships with Bell Partners, BH Management, Blackstone, Cortland, Invitation Homes, Nuveen Real Estate, Pretium, and Related Companies, among others, which make up more than half of the biggest real estate owners and operators nationwide. It also works with various government entities, fintechs, banks, and employers.

This is timely because as of July 8, 2025, the Federal Housing Finance Agency stated that Fannie Mae and Freddie Mac (government-sponsored enterprises) will now accept VantageScore 4.0 credit reports, which encompasses rental, utility, and telecom payments, for mortgage underwriting. Esusu is well positioned, as it has already provided a variety of benefits to users, who it claims have been able to access more than $30 billion in mortgage financing after taking part in its rent-reporting program.

“We have been working with Esusu since 2020 and have seen what their rent reporting platform can do for Related Affordable residents,” said Jeff Brodsky, vice chairman of Related Companies, in the press release. “Esusu has proven that this program can help residents with their financial health by offering the capacity to have on-time rent payments reported at no cost to them.”

Esusu plans to increase its impact in light of $50 million in Series C financing at a $1.2 billion valuation, bringing its total capital raised to more than $200 million, according to information shared with AFROTECH™. Westbound Equity Partners led the round. Geraldine R. Dodge Foundation, Blue Meridian Partners, and strategic family offices also participated.

The funding will support Esusu’s goals to improve its rent reporting application programming interface and to develop a product that will permit renters to split their monthly rent into two payments based on their income.

“Esusu is fundamentally reshaping how the financial system can work for everyone,” said Sean Mendy, a partner at Westbound Equity Partners, in a press release. “Their progress reflects something we see time and again: when people are given the tools to rise, they do. We are proud to support Esusu as they scale this important work.”

Abbey and Goel commented:

“Esusu was built on a simple principle: Economic mobility should be accessible to all. This Series C reflects the market’s conviction that rental data is core infrastructure for the financial system. With our partners behind us, we are scaling solutions that serve as the bedrock of the American Dream. Together, we are empowering renters to build credit, unlock capital, and participate fully in the economy.”