Esusu, platform for renters to build credit scores, valued at $1.2 billion in new funding round

Core Insights - Esusu, a fintech platform focused on helping renters build credit scores, has successfully raised $50 million in a Series C funding round, achieving a valuation of $1.2 billion [1] - The platform addresses the issue of renters being largely excluded from the traditional credit system, with only 20% of landlords reporting rent payments to credit bureaus, leaving millions of reliable renters classified as "credit invisible" [1][2] - Esusu's technology has already facilitated access to $30 billion in mortgages for renters who utilize its services [2] Company Overview - Esusu partners with 65% of the largest commercial real estate owners and property managers in the U.S., as well as banks, and has grown to support over five million rental units nationwide, reaching approximately 12 million renters [4] - The platform processes nearly $100 billion in annual lease volume, with notable landlords including Blackstone and Morgan Properties [4] Funding Utilization - The new funding will be used to expand three key initiatives, including broadening the distribution of its rent reporting API and launching "Esusu Pay" in 2026, which will allow renters to split monthly rent into installments [5] - Esusu aims to enhance the prominence of rental data in mortgage underwriting, supported by partnerships with Fannie Mae and Freddie Mac [6] Founders' Background - The founders of Esusu, Wemimo Abbey and Samir Goel, were motivated to create the platform based on their personal experiences with financial struggles as immigrants [7]