The company behind the READYdebit line of prepaid Visa cards, Ready Financial Group, Inc., today announced that it has raised a $7 million Series B funding round. The investment round was led by Rockbridge Growth Equity, a Detroit-based firm begun by Quicken Loans founder Dan Gilbert. Flybridge Capital Partners also participated, with partner Jeff Bussgang joining the Ready Financial board of directors.
According to Ready Financial’s press release, the round comes at an opportune time in the financial marketplace.
“The consumer financial industry is in the midst of a perfect storm,” said Jeff Bussgang, General Partner, Flybridge Capital Partners. “Basic financial products like credit cards and checking are undergoing monumental changes, often at the expense of consumers, who are paying increased fees imposed by their banks. Ready Financial provides a solution for consumers facing this serious problem.”
Dan Gilbert, Partner at Rockbridge Growth Equity and Founder and Chairman of Quicken Loans adds, “Ready Financial provides consumers with a robust, safe and, most important, affordable solution for their banking needs. We are thrilled to have the company join the Quicken Loans family of companies.”
“Formerly banked and poorly served U.S. customers are a large and growing segment of the market, currently estimated at 80 million people. These customers pay a significant amount of money in fees for “free” checking or for cashing checks, buying money orders, and simply paying their bills,” said Will Tumulty, Founder and CEO, Ready Financial. “We welcome Rockbridge and Flybridge Capital as investment partners to help us provide all consumers with affordable financial services and products and achieve a leadership position in this rapidly growing market.”