New startup offers access to credit for millions without credit histories, such as students and immigrants
[Galileo announced] … that it’s powering the new fintech startup TomoCredit, offering the only credit card that doesn’t require a credit score or credit history.
[Founder, TomoCredit:] "I quickly realized that without good credit, everything is more difficult… I wanted to help people build their credit scores efficiently, so they can achieve the American dream without struggle."
Using Galileo’s powerful API-based payments processing platform as its tech backbone, TomoCredit offers a credit card with no fees, interest, deposit or credit history required. Rather than relying on credit scores to assess applicants, TomoCredit looks at banking history and sources of income to determine eligibility.
[Galileo CEO:] "Increasing accessibility to financial services is at the heart of Galileo’s mission… We feel privileged to contribute to TomoCredit’s disruption of the credit system by offering access to credit to millions of financially responsible consumers without a credit score who are working to build a better financial future."