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Washington, DC based financial services startup FS card has raised $30m in venture funding from Tricadia Capital Management. Founded in 2014, FS Card, Inc., delivers financial products to millions of Americans with subprime credit scores –those who don’t typically have access to credit cards or other financing options.
The company recently launched the credit card Build that provides customers with an alternative to local payday lenders’ sky-high rates and, in the process, improve their FICO scores and build future capacity for credit. The company’s credit products target subprime customers with credit scores of between 550 and 600, a group that’s largely been overlooked by the big banks. The Build card, which has been on the market for just 18 months, has issued $25 million in credit to nearly 50,000 customers.
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