Financial health startup SeedFi has added Angela Strange as a Board Director, and Emmalyn Shaw as a Board Observer. The appointments come as the company announced it has raised $65 million to fund its next stage of growth.
“We’ve seen firsthand how the system has been designed for underprivileged Americans to fail,” said SeedFi Co-Founder and CEO Jim McGinley. “Our average customer earns $50K a year, yet they pay $460 a year in overdraft fees and payday loan companies charge them APRs of 400% or more. They barely make enough to cover their expenses and any misstep can set them back for years. Our goal is to address the root cause of the problem and leave our customers better off than we found them, so we’ve structured all of our products to generate savings and build credit. The end goal is to help alleviate that stress and allow people to make progress towards a better future.”
Ms. Strange is the General Partner of venture capital company Andreessen Horowitz, and brings more than 20 years of product management and leadership experience to the SeedFi Board. She has served in senior roles with companies including Google, Bay Partners, Nike and the Stanford Graduate School of Business.
“There's a massive business opportunity for new financial services entrants to reach historically underserved populations through better product experiences, underwriting and technology," said Ms. Strange. "SeedFi is on a mission to help Americans achieve long-term financial health and has a powerful platform for broader financial inclusivity. I'm thrilled to join their board and support them on this journey.”
Ms. Shaw is Flourish Ventures’ Managing Partner, where she focuses on backing entrepreneurs whose innovations help people to achieve financial health and prosperity. She has more than 15 years of experience in finance and investment, also including with Omidyar Network, Oak Investment Partners, VantagePoint Venture Partners and more.
“SeedFi's seasoned founding team, led by Jim McGinley, is uniquely positioned to deliver innovative lending, savings and credit building solutions, developed to help the financially vulnerable,” said Ms. Shaw. “I invested in the team’s vision and in their years of experience developing successful financial service businesses that have meaningfully advanced financial health for Americans. I’m honored to be part of this journey."