Latest news with #Esusu
CNBC
9 hours ago
- Business
- CNBC
49. Esusu
Founders: Wemimo Abbey (CEO), Samir GoelLaunched: 2016Headquarters: New York CityFunding: $145 millionValuation: $1 billionKey Technologies: N/AIndustry: FintechPrevious appearances on Disruptor 50 list: 0 Nearly 50 million people in the U.S. are considered to be "credit invisible," a number that disproportionately includes low-income and minority Americans, according to research from the Office of the Comptroller of the Currency. When a consumer is credit invisible, it means that they don't have a credit history with any of the three major credit bureaus: Experian, Equifax and TransUnion. That is an institutional hurdle which can hold many Americans back from ever reaching financial security. Fintech startup Esusu is looking to change the way credit is scored, with a focus on housing. On-time mortgage payments are known to increase one's credit score, while on-time rent payments have not typically been factored into credit reports. Many renters don't have any history of credit. Esusu records rental payment data and reports the information to credit bureaus. Since its launch, Esusu has helped renters by generating over 200,000 new credit scores and raising existing credit scores by an average of over 100 points. Property managers also benefit from the on-time rent payment system. Esusu founders Wemimo Abbey and Samir Goel grew up watching their families struggle financially as immigrants from Lagos, Nigeria, and New Delhi, India, and those financial obstacles were a founding motivation for Esusu and its goal of helping Americans build strong credit histories. "When my folks moved here, our journey to pursue the American Dream was just harder than it should have been," Goel told to CNBC in a 2021 interview. "I remember just watching my parents work miracles with no credit and limited financial resources. Abbey and I like to say we are inspired by our experiences." Esusu has paved a path for itself in the fintech industry by serving as a rent reporting provider for major names in finance and real estate including Goldman Sachs, Mercy Housing and Cushman & Wakefield. Last year, Esusu expanded its presence in the direct-to-consumer market. Previously, the company was only available for renters living in an Esusu-participating property. With the launch of myEsusu, all renters are now able to use the application and can choose between a free account or a membership that offers additional tools for $2.50 per month, or $29.99 per year. Application users are able to gain credit for paying their rent on time, learn about credit building products and services, view a credit score hub and access financial resources. Esusu also has partnerships with Fannie Mae and Freddie Mac to increase the number of units nationally that report rent as part of credit and improve the credit scores across more Americans. The company has received backing from tennis legend Serena Williams' venture capital firm Serena Ventures.
CNBC
22-05-2025
- Business
- CNBC
Reflections from the 2025 CEO Council Summit: Optimism, opportunity and the best path forward
CNBC CEO Council Members convene to wrap up the 2025 CEO Council Summit. Hear from Esusu Co-Founder and Co-CEO Wemimo Abbey, Blue Cross Blue Shield Association CEO Kim A. Keck and Fortune Brands Innovations CEO Nicholas Fink on their key takeaways from this year's speakers.
Miami Herald
24-04-2025
- Entertainment
- Miami Herald
The 44 Percent: Black homeownership, Cam Ward, Sam Cooke and Ryan Coogler
In 2019, when it was reported that Quentin Tarantino structured a deal with Sony in which he would retain the rights of his film 'Once Upon A Time In Hollywood,' it was lauded as a rare deal only a few movers and shakers such as George Lucas ('Star Wars' franchise) and Mel Gibson ('The Passion of the Christ') secure for themselves. One article goes on to list a litany of white male directors who have made this deal. This is why the reported passive-aggressive responses to filmmaker Ryan Coogler inking a similar deal for his blockbuster film 'Sinners' are jarring by comparison. Instead of being welcomed into a rare club, Coogler has been met with the coded language of 'dangerous' and other bad faith framing that suggests because this particular person (read: Black) made these asks and they were met, it sets a bad precedent for other filmmakers and studios. Still, ownership for Black people means something. We know if we buy a home, it is not just a place of comfort it is a means of accumulating generational wealth. Similarly, some Black business owners know they have the independence of setting their own hours and not answering to a boss, board of directors or figurehead, and, again, is a means of accumulating generational wealth. So, the coded language used to criticize, question and undermine Coogler is intended to dissuade other Black filmmakers from pursuing the same deals that white counterparts have already been granted. It also seeks to simply put a 'Black boy' in his place. What Coogler showed through his deal is that ownership is necessary for our Black communities to thrive. And at a time when there are individuals seeking to stymie Black people's efforts to grow, it's important now more than ever to seek ownership as often as we can and in creative ways. INSIDE THE 305: Black South Floridians struggle to buy and keep homes in Miami's gentrifying communities Minority Business reporter Michael Butler and I worked on a story about the struggles of Black homeownership in South Florida. Whether it's buying a home or holding onto a legacy home, these Black families spoke to the challenges faced in a tense South Florida housing market. Partnership between Black-owned app and bank helps Miami renters build credit Low credit scores have traditionally been a barrier for Black families obtaining home loans. But Black-owned bank, OneUnited, and credit reporting app Esusu hope to change that. As Butler reported, the goal is to help renters build their credit score based on their positive rental histories. Esusu will report the monthly rental payments to the credit bureaus to help them build credit. 'Historically, it has not been included,'OneUnited Bank CEO Teri Williams told the Miami Herald. 'They ding you when you pay your credit card 30 days late, but you may still be paying your rent every month on time.' All Cam Ward needed 'was a chance.' Now, he will likely be the top pick in the NFL Draft Cam Ward consistently bet on himself. It has now led him to be the likely top pick in the NFL Draft, making him the third Miami Hurricanes player to be selected No. 1 overall, UM Hurricanes reporter Jordan McPherson writes. As McPherson reports: It will be Ward's latest ascent in a career full of ascension. But as the stage got bigger and the lights got brighter, Ward never let it faze him. 'It just goes back to me not forgetting where I came from,' Ward said. 'I carry myself in a certain type of way. All I want to do is play football and be with my teammates. So long as I be a good person, it'll work out the long run.' OUTSIDE THE 305: Tina Knowles Reveals Breast Cancer Diagnosis And Shares 1 Important Lesson In a vulnerable interview with CBS Morning News' Gayle King, Tina Knowles, mother to singers Beyonce and Solange, revealed she was diagnosed with breast cancer. 'It was stage 1, which I thought was the earliest stage, and when I told my sister she said, 'No, there's a zero,'' Knowles told King. Knowles said it might have been caught sooner had she not missed her mammogram due to the COVID-19 pandemic. The interview is part of Knowles' press run for new book 'Matriarch,' released on Tuesday. Knowles does not have a stop in Florida during her book tour, but those interested can find more about her book here. With heart and history, FSU Legend Charlie Ward steps into role at FAMU Heisman trophy winner and Florida State University dynamo Charlie Ward detailed his plans for FAMU's basketball program at a press conference formally introducing him as the Rattlers' head coach, FSU Seminoles on SI reported. 'Our goal as a program would be to focus on the whole athlete by providing them opportunities and professional development, community outreach, team bonding, and being leaders on campus. We will develop men of character and integrity so they can reach whatever goal they set,' Ward continued. 'I'm committed to building a team that competes hard, plays with discipline, and represents FAMU with pride.' HIGH CULTURE: Hampton Art Lovers Presents: Jazz Under a Simple Tree: Live @ Harlem Square (1963) Recorded in 1963 in Overtown, Sam Cooke's 'Live at the Harlem Square Club, 1963' is heralded as one of the best live albums. And Thursday, jazz lovers can hear the sounds of Cooke as Miami group Old Skool Gang performs the full live recording at the Historic Ward Rooming House Gallery at 249 NW 9th Street in Overtown. The event starts at 7 p.m.
Miami Herald
18-04-2025
- Business
- Miami Herald
Partnership between Black-owned app and bank helps Miami renters build credit
Teri Williams, CEO of the Black-owned OneUnited Bank, is well aware of the challenges that many prospective Black homeowners face, including low credit scores. By partnering with the credit reporting app Esusu, OneUnited hopes to see its users build their credit based on their positive rental histories. The app reports consumers' monthly rental payments to credit bureaus to help them build credit. 'Historically, it has not been included,' Williams told the Miami Herald. 'They ding you when you pay your credit card 30 days late, but you may still be paying your rent every month on time.' Esusu — an African word for an informal, community-driven financial system — was founded in 2018 by entrepreneur Wemimo Abbey, who was inspired by his experience of emigrating to America. In 2003, Abbey emigrated to the United States from Lagos, Nigeria, with his family when he was 16. His mother didn't have a credit score at the time and fell victim to predatory lending, with some interest rates as high as 400%. 'I wanted to create a solution to help people lead their best financial lives,' Abbey said. The app also provides financial literacy tools for users to build healthier financial habits. Esusu customers need a bank account to use the app and are encouraged to open accounts with OneUnited. Williams and Abbey first met at January's BMe Conference in Miami and agreed that many Black people are saddled with debt and don't see homeownership as a possibility. The inclusion of rental history is one way that Williams and Abbey believe Esusu can help consumers in a significant way. Since the app's launch, users have reported their credit scores increasing as much as 45 points, according to Williams. Williams said she is hopeful the partnership will help Black residents create a more fruitful financial future for themselves. 'To us, this is exactly the kind of thing to do for our community,' she said. 'I think it's great for two Black-owned companies to work together.'
Yahoo
16-04-2025
- Business
- Yahoo
LeaseLock Partners with Esusu to Expand Benefits for Renters and Property Owners
DALLAS, April 16, 2025--(BUSINESS WIRE)--LeaseLock, the exclusive provider of lease insurance for rental housing, has partnered with Esusu, a credit building and financial wellness platform, to provide renters with a powerful new tool - reporting on-time rent payments to major credit bureaus to help build credit. This collaboration reinforces both companies' shared mission of making renting more accessible, improving financial outcomes for renters, and increasing asset value for property owners. LeaseLock is transforming the industry's approach to bad debt by replacing deposits with lease insurance. Renters can pay a small monthly amount instead of a large upfront cost, while property owners are protected from financial loss due to damage and unpaid rent. LeaseLock has enabled deposit free leasing for over 2 million renters. The LeaseLock Marketplace includes screening, fraud protection, credit building, cash management and delinquency recovery solutions. By partnering with Esusu, LeaseLock now empowers properties to strengthen renter financial health while also improving retention and overall financial stability. To date, the Esusu platform has enabled over 200,000 renters to establish a credit score for the first time, while unlocking over $50 billion in credit activity. On average, millions of Esusu renters have seen a positive credit score increase of 45 points, providing them access to better quality financial products and lower interest rates. "We are thrilled to work with Esusu, given their leadership and expertise in the credit building space. Renters will now have more financial flexibility and opportunity with deposit free leasing from LeaseLock and rent reporting from Esusu," said Janine Steiner Jovanovic, CEO of LeaseLock. "Renters who pay on time are rewarded for their financial responsibility, while property owners maintain the benefit of financial protection with lease insurance." "At Esusu, we believe renting should work for renters, not against them," said Wemimo Abbey and Samir Goel, Esusu co-CEOs. "By joining forces with LeaseLock's innovative lease insurance, we are expanding financial access for renters and reinforcing our commitment to making housing more equitable for all." This partnership further strengthens LeaseLock's growing ecosystem of solutions designed to optimize asset value, enhance operational efficiency, and modernize the rental experience for property owners and renters. About LeaseLock LeaseLock is the leading insurance technology provider for rental housing. Our AI powered underwriting, LeaseLock Shield™, predicts risk and optimizes coverage for each property and portfolio. Owners and operators gain smarter loss protection while accelerating leasing and minimizing regulatory and legal risk. With over $10 billion in leases insured, LeaseLock is reshaping the way investors and operators manage financial risk while delivering significant benefits to renters. As an accredited GRESB partner, LeaseLock is dedicated to improving housing accessibility by removing financial barriers for renters while protecting against the risk of bad debt. Learn more at About Esusu Esusu is a leading financial technology platform that empowers residents and transforms property performance by leveraging rental data. Its rent reporting platform captures rental payment data and reports it to credit bureaus, boosting renters' credit scores and helping property owners reduce evictions. Founded in 2018, Esusu reaches over 5 million rental units across all 50 states in the U.S. Learn more at and follow us on Instagram @myesusu and X @getesusu. View source version on Contacts Media Contacts: Julie Sign in to access your portfolio
