From Credit Ghost to Fintech CEO: Kristy Kim’s Journey
At 22, fresh from UC Berkeley and starting a career in investment banking in San Francisco, Kristy Kim faced unexpected hurdles securing her first apartment due to her lack of a U.S. credit history. Having immigrated from South Korea at age 11 without family support, she found herself a “credit ghost” — invisible to the credit system despite her employment and income.
Denied by conventional rental applications, Kim successfully negotiated directly with a landlord by leveraging her employment references. However, subsequent attempts to secure an auto loan met similar barriers, as banking departments were unable to vouch for her creditworthiness internally, highlighting systemic inefficiencies.
Founding TomoCredit: Addressing a Systemic Gap
These experiences revealed to Kim the archaic nature of the U.S. credit and lending infrastructure. After resorting to borrowing from family abroad to purchase a car outright, she recognized a broader market need. “Somebody had to build this,” Kim reflected, leading to the founding of TomoCredit — a fintech company designed to help individuals without established credit histories build their credit profiles.
Based in San Francisco, TomoCredit focuses on empowering immigrants and others marginalized by traditional credit evaluation methods. According to company documents reviewed by CNBC Make It, TomoCredit generated over $20 million in revenue last year, signaling strong market demand for innovative credit-building solutions.
Empowering Credit Invisibles: Advice from Kim
Kim shares practical advice for newcomers to credit building. First, she stresses the importance of understanding one’s credit score early, explaining that it reflects the likelihood of repaying loans within a year. Second, she recommends starting with small, manageable loans to establish a credible repayment history. “Start small and early,” Kim advises, underscoring that even minor borrowing and timely repayment can improve credit standing.
Kim’s mission extends beyond financial services; she aims to destigmatize credit invisibility and empower immigrants who may feel excluded or ashamed. “Not having a credit score … was not something I should be ashamed about. That’s simply because I didn’t know the system,” she said.
FinOracleAI — Market View
TomoCredit’s growth underscores a significant unmet need within the U.S. financial system to serve credit-invisible populations, particularly immigrants. By addressing this gap, the company is positioned to capture a growing segment underserved by traditional lenders, which could drive continued revenue growth and market expansion.
Risks include regulatory changes affecting credit reporting and lending practices, as well as competition from established fintech and banking institutions developing similar offerings. Investors should monitor user growth metrics and regulatory developments impacting credit accessibility.
Impact: positive
