As a debt-free graduate of UC Berkeley with a six-figure income, Kristy Kim, 33, did not expect to be rejected five times for an auto loan. The South Korean immigrant had never heard about the FICO Score, which judges a person's creditworthiness based on several factors, including credit history.
To challenge what she saw as an outdated credit bureau system, Kim founded San Francisco-based TomoCredit in 2019 to offer credit cards to immigrants and young adults who don't have satisfying credit scores. Since then the company’s revenue has grown 10 times, with over $2 million dollars in 2021 revenue, up from $200,000 in 2020. Read on for more on how the founder is pushing boundaries in the credit industry.