Foley & Lardner LLP represented Tenacity Venture Capital as the lead investor in Nevly Money's pre-seed funding round. Nevly Money is a web app which leverages dramatic advances in financial technology to deliver personalized, data-driven solutions to the 48 million Americans currently struggling with poor credit scores.
Nevly Money is designed to provide a solution to consumers who need to improve their credit score faster and at a fraction of the cost of legacy credit repair service providers. Nevly's goal, unlike legacy credit repair companies, goes beyond credit scores: It aims to encourage better financial health for life and reduce the need for such products by changing financial health outcomes in ways that have staying power.
Nevly will launch a mobile app later this year, with a first-of-its-kind, AI-powered financial health assistant that utilizes consumer transaction data to score and dynamically re-score a consumer's financial health utilizing an eight-factor composite definition while also delivering personalized in-app insights that can provide a next step after a person's credit score is improved.
Tenacity Venture Capital focuses on finding and backing formative pre-seed and seed-stage entrepreneurs and matching them with top investors for follow-on rounds as they scale their business. Tenacity invests in companies across sectors including AI, fintech, hardware, logistics, marketplaces, mobile gaming, robotics, and SaaS. The firm was founded in 2021 by Ben Narasin and Taylor Oliver and is based in Palo Alto, California.
The Foley team was led by Partner Louis Lehot and included Associates Ashley Lee and Trevor Mullin.