SoLo Funds

Certified B Corporation

California, United States

Certified Since

November 2021


Mobile applications


Service with Minor Environmental Footprint

Operates In

United States

SoLo is one of the leading financial technology companies for underserved communities. Originally, SoLo launched as an on-demand marketplace where members can request and fund loans for emergency needs. To date, they’ve processed millions of transactions, providing a lending alternative that is equitable, empowering, and community-driven. Solo is now building a community-driven financial technology company to further serve the needs of the underrepresented. For more info: Founded by African American founders, Rodney Williams and Travis Holloway leveraged their personal experiences to build a community based financial solution reimagining how financial service could best serve their communities. Like many Americans, Travis and Rodney were no strangers to having their electricity being turned off in the winter two days before payday. Knowing how far just a few dollars can go, SoLo was built to address a core need while establishing a pathway to financial autonomy. SoLo is the only Black-owned financial services Certified B Corp in US & Canada. With only 4,111 companies certified by B Lab, and only 13 Black-owned companies in the US & Canada, SoLo Funds joins a small group of businesses committed to ushering in innovations for a better world.

Overall B Impact Score

Based on the B Impact assessment, SoLo Funds earned an overall score of 103.0. The median score for ordinary businesses who complete the assessment is currently 50.9.
103 Overall B Impact Score
80 Qualifies for B Corp Certification
50.9 Median Score for Ordinary Businesses

Governance 16.0

Governance evaluates a company's overall mission, engagement around its social/environmental impact, ethics, and transparency. This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.

Mission & Engagement2.4
Ethics & Transparency3.5
+ Mission Locked10

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.

Workers 30.0

Workers evaluates a company’s contributions to its employees’ financial security, health & safety, wellness, career development, and engagement & satisfaction. In addition, this section recognizes business models designed to benefit workers, such as companies that are at least 40% owned by non-executive employees and those that have workforce development programs to support individuals with barriers to employment.

Financial Security10.1
Health, Wellness, & Safety5.7
Career Development5.5
Engagement & Satisfaction5.9

Community 18.0

Community evaluates a company’s engagement with and impact on the communities in which it operates, hires from, and sources from. Topics include diversity, equity & inclusion, economic impact, civic engagement, charitable giving, and supply chain management. In addition, this section recognizes business models that are designed to address specific community-oriented problems, such as poverty alleviation through fair trade sourcing or distribution via microenterprises, producer cooperative models, locally focused economic development, and formal charitable giving commitments.

Diversity, Equity, & Inclusion6.9
Economic Impact8.0
Civic Engagement & Giving0.2

Environment 3.8

Environment evaluates a company’s overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity. This includes the direct impact of a company’s operations and, when applicable its supply chain and distribution channels. This section also recognizes companies with environmentally innovative production processes and those that sell products or services that have a positive environmental impact. Some examples might include products and services that create renewable energy, reduce consumption or waste, conserve land or wildlife, provide less toxic alternatives to the market, or educate people about environmental problems.

Environmental Management0.4
Air & Climate0.6
Land & Life2.2

Customers 35.0

Customers evaluates a company’s stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels. In addition, this section recognizes products or services that are designed to address a particular social problem for or through its customers, such as health or educational products, arts & media products, serving underserved customers/clients, and services that improve the social impact of other businesses or organizations.

Customer Stewardship4.1
+ Economic Empowerment for the Underserved4.2
+ Serving Underserved Populations (Direct)26.6

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.

Previous Overall B Impact Scores

2021 Overall B Impact Score103

Additional Documentation

SoLo Funds Disclosure 2022

B Labs Logo - Home Link

Sign up to our Insights newsletter, a monthly digest of the latest news on economic systems change from B Lab Global.

We take the security of your data seriously, read our privacy policy for further information. For newsletter communications relating to your local region, please visit Global Partner sites to subscribe.

Copyright © 2024 B Lab. All rights reserved.