Have you fallen into debt and can’t get up? Fortunately, there’s a new fintech on the scene that has dedicated itself to helping Americans build credit and savings – and get out of debt.

SeedFi, launched in private beta in 2019, announced today that it has raised $15 million in new equity – along with $50 million in debt financing. The Series A round was led by Andreessen Horowitz. Flourish, Core Innovation Capital, and Quiet Capital also participated.

“Our goal is to address the root cause of the problem and leave our customers better off than we found them,” SeedFi CEO and co-founder Jim McGinley explained, “so we’ve structured all of our products to generate savings and build credit.”

SeedFi COO and co-founder Eric Burton explained the savings/debt dilemma for many Americans in a conversation with Crunchbase News. He noted that the lack of savings in the event of an emergency is often the pre-existing condition that can lead to serious debt problems, which in turn, make it more difficult to save. “The insight we’ve learned is to combine savings with credit to address the immediate need for credit in a way that will leave them better off and down the path to a better financial future,” Burton said.

The San Francisco, California-based company plans to put the new capital to use growing its customer base and – with its bank partners – bringing products to market across the country. SeedFi also plans to add to its product offerings, which currently include two solutions: Credit Builder and Borrow and Grow.

“SeedFi is creating a suite of plans to address borrowers at various financial points in their lives,” Andreessen Horowitz General Partner Angela Strange wrote on the company’s blog earlier today. “Customers can start by saving as little as $10 a paycheck through SeedFi’s Credit Builder Plan, which enables them to build credit while they save. For those in need of money, SeedFi’s Borrow and Grow Plan gives customers the cash they need now and sets them up to save for the future.”

Many financial commentators are boasting about the high savings rates many Americans are achieving due to limited spending opportunities during the COVID crisis. Our “K-shaped” economic recovery means that many people are surviving – or even thriving – financially during the pandemic. But there are a significant number of Americans for whom COVID-19 has meant major financial hardship – including loss of income and an increase in consumer debt. For those Americans, fintechs like SeedFi are increasingly part of the solution.

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In a round led by New Enterprise Associates, a featuring the participation of more than twelve investors – including executives from Plaid – digital banking solution provider Narmi has raised $20.4 million in new funding. The investment represents the lion’s share of the New York City-based fintech’s total capital, and will be used to help power Narmi’s mission to enable regional banks and credit unions to compete with big banks and neobanks, alike.

“We started Narmi with the mission to help financial institutions thrive in a digital-first world and that mission hasn’t changed,” company co-founder Nikhil Lakhanpal said. “Since launching over four years ago, we’ve experienced over 100% revenue growth every year, launched four enterprise-grade platforms, and helped our partner financial institutions delivery transformational results.”

Also participating in the Series A round were Patriot Financial Partners, Picus Capital, Contour Ventures, and Firebolt Ventures.

Narmi’s cloud-based, API-powered platform gives financial institutions the ability to leverage its digital account opening, consumer and business digital banking, and administrator console platforms to boost growth, increase deposits, and make operations more efficient. The fintech’s customers have reported a 55% increase in new account applications from non-account holders, a 65% reduction in application time, and a 50% decrease in support volume, helping lower back office costs.

And like many fintechs in the digital banking space, Narmi has seen a dramatic uptick in interest in digital solutions with the onset of the COVID pandemic. The company reported a 70% increase in digital activity and transactions across its customer base.

Partner Radius Bank credited Narmi for helping it launch its online and mobile banking experience “50% to 70% faster” than its competitors. Radius Bank, named one of the Best Online Banks of 2021 by Bankrate, and one of the fastest growing banks in Massachusetts, was acquired by LendingClub a year ago for $185 million. Liz Landsman, General Partner at NEA, further praised Narmi for its “understanding of the challenges that regional banks and credit unions are facing to keep pace with an increasingly digitally-centric customer base in banking today.”

Founded in 2016, Narmi also includes Freedom Credit Union and Berkshire Bank among its customers.