Fizz has raised a $14.4m Series Seed round to provide young generations with an easy-to-use debit card to avoid overspending. Fizz says its debit card uniquely aids young adults in establishing credit without the burden of interest or fees. The financing was led by Kleiner Perkins. SV Angel, Y-Combinator, New Era Ventures, and the founders/operators behind ten unicorns, including Handshake, Postmates, and Public.com also participated.
Fizz describes its first credit-building debit card for students as an innovative, proactive AI budgeting solution at its core. It also offers engaging, gamified financial literacy courses presented in a fun and interactive quiz format.
Helping students build credit at every Ivy League school
Fizz says it has already helped students build credit at every Ivy League school, and every top-25 US News & World Report school. The Fizz card requires no credit history, cosigner, or security deposit to get started. The aim is to make it accessible to nearly all young adults, including internationals.
“The concept of credit can be so daunting and inaccessible for younger people that they delay building credit history until it’s too late,” said Carlo Köbe, Co-Founder and CEO at Fizz. “Traditional cards are hard to get approved for. Even if you do, high-interest debt can trap students for decades. After dropping out of Cornell and Harvard during Covid, we spent nearly two years working with regulators and banks to launch Fizz.
“Our card and app provide a clear path for younger generations to build credit early, so they’re not caught off guard when they need it most—for renting apartments, refinancing student loans, or passing background checks for their first real jobs,” said Scott Smith, President and co-founder. Fizz plans to use the capital to scale its team and build out additional product lines. It will also invest in marketing and sales to build awareness at more colleges and universities.
Fizz’s record-breaking year
“Financial independence usually starts in college. Getting it right is incredibly important, but most of the services have not changed in decades,” Ilya Fushman, Partner, Kleiner Perkins. “Fizz has built the technology and partnerships to offer a suite of modern products that make it easy for college students to get on the right path and build their financial future. The impact these products are having on the ground is terrific.”
The financing is the latest milestone in a record-breaking year for Fizz. In the last 12 months, Fizz grew from 0 to over 300 colleges and universities. This year it will cross 9 figures in annual card volume.
