INSIKT, a white label lender to underbanked families, today announced that it has closed a $50 million Series D funding round led by Grupo Coppel. With 1,450 store locations and 1,000 bank branches, Grupo Coppel has many years of experience providing credit and empowering financial services to millions of previously unbanked families in Mexico and Latin America. Existing investors First Mark Capital, Revolution Ventures and Colchis Capital also participated. The latest round brings the company's total funding to $100 million, and will enable further growth in existing and new markets.

"We're founded on the simple - but powerful - idea that businesses can change and improve lives, said David Coppel, Grupo Coppel's Chief Merchant and Board Member. "Our investment reflects our commitment to empowering underserved communities, and helping provide families with the economic tools to thrive. James and his team are challenging the way the entire credit industry approaches lending - using technology to innovate and address a critical need in disenfranchised communities. We're proud to join this effort and know that as we continue to invest in people, and offer them opportunities, we will see powerful, life-changing returns."

Millions of Americans are shut out of mainstream banking, leaving them without options for accessing the financial tools needed to become financially empowered. Nationwide, more than 33.5 million households are under or unbanked and more than 26 million are credit invisible. INSIKT's mission is to leverage the data and trusted relationships of its partners to make affordable, credit building loans more accessible to millions left behind by traditional banks simply because they lack a credit score. Since late 2014, INSIKT has processed more than 325,000 applicants across a growing partner network of 620 stores and successfully made 125,000 loans to solve the access to capital problem in working class neighborhoods across America. The company is the second founded by Co-Founder James Gutierrez, following the success of Oportun, which provides similar lending opportunities in standalone store front locations.

INSIKT's partnerships with other companies help to lower the costs of reaching customers through traditional means while also enabling brands to leverage the trust they built up in communities with existing customers. INSIKT's Lendify system also digests proprietary data provided by its partners to help underwrite borrowers who are deemed unscorable by mainstream banks.

"Four years ago, when I first started INSIKT, I had the dream solving access to capital for all working class communities in America that have been left behind," said James Gutierrez, Co-Founder and CEO of INSIKT. "Our mission is to help millions establish a good credit score so they can buy a car, afford a new home, and make better financial decisions. Our white label model enables us to scale faster so we can reach millions and at lower cost by leveraging the power of existing stores, brands, and online channels. With this funding round, we'll be able to expand our reach to over 5,000 stores and take our mission to reach new heights. I'm honored to have the support of Grupo Coppel who have led the way in providing innovative financial and credit products to millions of previously underbanked families in Latin America."

Mario Trujillo, the chairman and chief executive of INSIKT's first partner, DolEx Dollar Express, said his business began with family remittances - money sent overseas - and became a financial supermarket for underserved Hispanics. "But we couldn't meet one huge need - affordable, credit-building loans for folks who work long hours, often at multiple jobs, but often have no credit history," Trujillo said. "Years ago, when I met James Gutierrez and learned how his technology could offer responsible loans to this market, I told him he could create a breakthrough by having DolEx and other companies offer his loans as a service to their customers," Trujillo said. "This investment by Coppel will ensure that INSIKT's growth will continue, helping our coalition build financial strength among these deserving but often ignored workers."

Already in more than 620 locations across 30 partners in California, Texas, and Illinois, INSIKT also began operating in Arizona last month. INSIKT's capability of utilizing digital tools to help companies provide new credit services is unmatched in the industry and has yielded remarkable results. Since first launching in late 2014, more than 325,000 applications have been processed and more than 125,000 loans provided to underserved individuals in need of credit.