SoLo Funds
American fintech company
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| February 24 2025 | CFPB dismissed its enforcement action against SoLo Funds. |
| January 2025 | SoLo Funds released its 2025 Cash Poor report, based on a survey of 2,000 American adults, revealing that cash poor Americans paid $39 billion on top of advertised Annual Percentage Rate (APR) rates for short-term loans. |
| October 2024 | A federal judge denied SoLo Funds' motion to dismiss the CFPB ruling, allowing the legal challenge to proceed. |
| July 2024 | Pennsylvania Attorney General Michelle Henry announced a settlement with SoLo Funds, requiring the company to pay a penalty and modify its business practices to comply with state law. The settlement was in the form of an assurance of voluntary compliance. |
| July 2024 | Rated by CNN Underscored editors as the best peer-to-peer lending app. |
| May 2024 | The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against SoLo Funds challenging their lending model. |
| February 2024 | Reported almost 2 million app users. |
| 2023 | Received investment from Serena Williams's Serena Ventures and made CNBC's Disruptor 50 list. |
| December 2023 | Maryland regulators raised allegations against SoLo Funds regarding their lending model and fee structure. |
| May 2023 | SoLo Funds settled regulatory cases in California, Connecticut, and Washington DC over allegations of misleading consumers about interest rates and fees related to their tipping and donation model. The company paid penalties and agreed to make disclosures about the voluntary nature of tips and donations. |
| February 2023 | Reported over 1.3 million app downloads and over 600,000 loans processed, totaling $300 million in transaction volume. |
| April 2022 | Released the digital SoLo Wallet, allowing customers to add or access funds to their bank accounts and debit cards. |
| November 2021 | Earned B Corp certification. |
| April 2020 | Founders relaunched the company. |
| 2019 | Initial version of the company ran out of money and shut down. |
| January 2019 | Company relocated to Los Angeles. |
| 2018 | SoLo Funds was founded as a community peer-to-peer lending platform. |
| July 2018 | Accepted into the Techstars Kansas City program. |
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