← Embedded Finance Index 2026

Solofunds

“Can a peer-to-peer microloan marketplace become the community banking OS for underbanked Americans by combining AI-powered lending, cooperative yields, and embedded debit banking?”

Founded2018
HQLos Angeles, CA, United States
FoundersTravis Holoway, Rodney Williams
Total raised$13M
Latest roundSeries B, 2023
IndustryFintech / Lending
The story

Founded in 2018 as a peer-to-peer microloan marketplace targeting underbanked Americans with short-term emergency loans, SoLo Funds originally relied on Synapse Financial Technologies and Evolve Bank & Trust for its banking infrastructure. After Synapse's collapse in 2023-2024, SoLo migrated to a new banking stack anchored by Bangor Savings Bank via Treasury Prime and introduced SoLo Wallet with a Mastercard debit card, evolving from a pure lending marketplace into a community banking platform. The company now positions itself as an AI-powered community finance platform combining peer-to-peer lending, cooperative yield-producing accounts, and embedded banking services for the underserved.

Last 12 months
2025-01
2025-01
2026-04
2026-01
Product timeline
2018
Founded in New York City by Travis Holoway and Rodney Williams; launched peer-to-peer short-term microloan marketplace via Techstars Kansas City.· lending
2021
Raised $10M Series A led by ACME Capital to expand peer-to-peer lending platform across the US.· lending
2023
Announced 1 million registered users, reportedly becoming the largest Black-owned fintech company in the United States.· pivot
2024
CFPB sued SoLo Funds over allegedly misleading advertising that loans were interest-free; banking product (SoLo Wallet) launched with Bangor Savings Bank.· banking
2025
CFPB lawsuit dismissed; SoLo Debit Card (Mastercard) launched on Bangor Savings Bank program; migrated banking infrastructure from Synapse/Evolve to Treasury Prime/Bangor Savings Bank.· card
2026
Introduced SoLo IQ, an AI-powered personalized financial co-pilot; SoLo NowCAST economic indicator debuted on Bloomberg Markets.· pivot
The stack
5 layers disclosed in Solofunds’s embedded-finance stack
Money movement
ACH
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
Accounting gap: minor
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.