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Awaken* newsletter

December 9, 2024

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In this month’s edition of the Awaken* Newsletter, we speak with Kristy Kim, Founder and CEO of TomoCredit, a fintech startup focused on improving access to credit for underserved consumers. By using AI to evaluate real-time cash flow data rather than traditional credit scores, TomoCredit connects consumers with lenders.

Kristy discusses her journey as an immigrant, an Asian female founder, and an entrepreneur working to transform the financial industry. Through her leadership, TomoCredit aims to provide more people with better access to capital and lending opportunities.

Can you start by giving us an overview of your company and what you’re trying to solve?

Kristy Kim: Sure! At TomoCredit, our mission is to bridge the gap between underserved consumers and lenders using AI technology. We are focused on serving individuals who have been left behind by traditional financial systems, especially those without credit scores or with limited credit history.

There are millions of people in the U.S. who are underbanked, and the financial institutions that could potentially help them either don’t have access to their data or don’t understand their risk profile. We leverage AI to evaluate consumers based on their cash flow instead of relying solely on traditional credit scores. This enables us to match these individuals with lenders who are willing to serve them without taking on additional risk. Our platform helps both consumers and lenders—consumers get access to capital, and lenders expand their market in a low-risk way.

What motivated you to start TomoCredit?

As a first-generation immigrant from South Korea, I moved to the U.S. at eleven. In my early twenties, I faced the challenges of building my own credit history. After graduating from UC Berkeley, I worked in investment banking.

Despite having a stable income, I was denied an auto loan five times because I lacked a credit score. This experience highlighted a significant gap in the financial system, where many immigrants, young adults and many other underserved communities are excluded due to the absence of a credit history. After being turned down multiple times, I knew something had to change. I saw that the traditional credit system wasn’t serving millions of people, particularly immigrants, who had the ability to repay but lacked a credit history to prove it.

That experience of being excluded from the financial system really motivated me to find a way to help people like myself access the credit they needed. Determined to address this issue, I founded TomoCredit to provide credit solutions for those who, like me, struggle to access traditional credit avenues.

I wanted to create a system that didn’t rely on traditional credit scores but instead used alternative data, like cash flow, to assess creditworthiness. The idea was to connect underserved consumers to lenders in a way that wouldn’t increase their risk. TomoCredit was born out of this desire to make the financial system more inclusive—so others wouldn’t face the same rejections I did, and would have the chance to access capital and thrive.

As an immigrant founder, have you faced any challenges or biases in fundraising or building relationships with big institutions?

Kristy Kim: Yes, there are definitely challenges that come with being an immigrant founder, and at times, it can feel like an uphill battle. But, interestingly, my background has also played to my advantage.

As an immigrant, I have a unique lens on the problems facing underserved communities. I know firsthand what it’s like to struggle with the traditional credit system. I’ve faced the same barriers that many of our customers face, and that gives me an edge when I’m speaking to financial institutions. I’m able to say, “Look, I know my customers better than anyone else. These people are creditworthy, but they’re being overlooked by the traditional system.”

There is some bias, of course, especially when you’re dealing with legacy institutions, but I think they also recognize that I bring something different to the table—an intimate understanding of the market and the customers they often don’t have access to. Lenders are willing to listen because they know that by partnering with us, they can expand their pool of potential customers without taking on additional risk.

You’ve been in this industry for over five years now. What keeps you motivated despite the challenges you’ve faced?

Kristy Kim: That’s a great question. Honestly, the progress we’ve made keeps me motivated. Every year, I see the interest in our approach growing, and it reinforces that we’re heading in the right direction.

When we first started, it felt like I was an outsider trying to convince traditional financial institutions to embrace an entirely new way of evaluating credit. But now, year after year, we see more and more mainstream players realizing that there’s a huge market for underserved consumers—and that these consumers are creditworthy if we just use the right tools to understand them. It’s exciting to be at the forefront of this change.

For me, it’s not just about building a business—it’s about creating lasting impact. The U.S. consumer credit industry is worth over $4 trillion, and the fact that we are focusing on a largely ignored segment of that market feels like we’re making a real difference. And, of course, as a founder, seeing our technology evolve and improve with time and data is incredibly motivating.

How does your solution differ from other competitors in the market who are also targeting underserved consumers?

Kristy Kim: The key differentiator is that we don’t just rely on traditional credit scores to assess risk.

Our AI model is powered by cash flow data—essentially, we evaluate consumers based on their spending and income patterns, which gives a far more accurate picture of their financial health. Over the past five years, we’ve accumulated a wealth of data that allows us to refine our model, and with every new data point, we get better at underwriting.

Unlike competitors who may be using generic data or building from scratch, we have a more granular understanding of how underserved consumers behave financially. Additionally, the beauty of our system is that we’re not just looking at data from one financial institution—we’re aggregating data from multiple sources. Our customers might have accounts with multiple banks, and that gives us a fuller picture of their financial habits. In comparison, other companies might only have access to data from one bank, which limits their ability to assess risk accurately.

As a founder, what has been the most rewarding part of your journey so far, and what has been the hardest?

Kristy Kim: The most rewarding part has been seeing the validation from both the industry and our customers. When leaders of financial institutions tell me that TomoCredit makes sense, it’s incredibly validating. It’s a feeling of affirmation that, yes, we’re on the right path. But it’s also rewarding to see the real-world impact we’re having on people’s lives. We’ve helped thousands of people access capital who otherwise wouldn’t have had the chance.

On the flip side, the hardest part has been dealing with the mental burden of being a startup founder. When things are going well, it feels like everything is moving at full speed, but when challenges arise—whether it’s fundraising hurdles, market uncertainty, or hiring struggles—the pressure is immense. Unlike larger companies with more resources, startups have less margin for error. It can feel like one wrong move could jeopardize everything, and that can be emotionally exhausting. But it’s in those moments that you really find your resilience, and you learn that, no matter how tough it gets, you have to push forward.

As a seasoned founder, what key lessons from your previous startup experience have you applied to building TomoCredit?

When I launched my first company, I was in my early twenties, full of energy but lacking experience. It was a trial-and-error journey, where I learned a lot, but I quickly realized that having a clear vision and understanding the real impact you want to make is crucial.

Starting TomoCredit was a completely different experience. This time, I approached it with a clear strategy, having learned the importance of tackling a problem that I was personally passionate about. My previous startup experience taught me how to make more strategic decisions, prioritize what matters most, and stay resilient through the inevitable ups and downs of entrepreneurship.

What advice would you give to aspiring founders, particularly those who may be feeling discouraged after a tough year?

Kristy Kim: My advice would be to stay grounded in your purpose and conviction. It’s easy to get distracted by the ups and downs of the startup world, but at the end of the day, your mission should drive you more than the fear of failure or the setbacks you face along the way.

When I first started my company, it wasn’t about just building a business—it was about solving a real problem that I deeply cared about. The passion for the idea needs to be stronger than the fear of failure. Even if things don’t work out the way you hope, you can still be proud knowing that you tried to create something that could have made a real impact.

The most successful founders I know are the ones who are able to maintain a strong sense of purpose, even when it feels like everything is falling apart. If you believe in what you’re doing and are committed to the long-term vision, that will carry you through the hard times.

What are some recent key achievements or milestones that you’re excited to share?

Kristy Kim: Thanks for asking. First, our AI-driven platform continues to help underserved consumers access credit by using cash flow data to connect them with lenders.

We’ve also made significant strides in improving our underwriting capabilities by leveraging years of data to assess creditworthiness more accurately. This year, we paused issuing new credit cards to focus on refining our AI and underwriting technology. While we haven’t issued new cards yet, we’re still accepting customers and offering other financial services. Additionally, our partnerships with larger financial institutions are also growing, with increasing interest from major players. These collaborations are essential to our mission of expanding access to lending for underserved communities.

And lastly, on the team front, we’ve made several key hires, including the former CTO at Experian and the former CEO of LegalZoom. Their expertise in open banking and scaling high-growth companies will help us continue to expand our offerings and further our mission.

Looking ahead, what’s next for TomoCredit?

Kristy Kim: We’re expanding our offering, bringing more lenders into the network, and continuing to refine our AI technology to provide better risk assessments.

We’ve been growing the B2B side of our business over the last year, and we’re seeing significant interest from bigger players in the financial sector. We’re also planning to expand our product offerings to include more types of loans, like auto loans and mortgages, to help more customers get the access they need.

We’re also actively hiring, which is very exciting for us. We’re looking for a talented marketing person to help us build our brand and spread the word about what we’re doing. Our mission is to make financial access easier for everyone, and we’re excited to continue growing and impacting even more lives.

Kristy Kim’s journey proves that determination, a clear vision, and a deep understanding of your market can break through even the toughest barriers. At TomoCredit, she’s not just building a company; she’s seeking to reshape how credit is accessed, especially for those often left behind by traditional systems. Stay tuned for more updates on TomoCredit’s journey, and learn how they’re challenging the status quo while creating new opportunities for underserved communities.

Author: Donna Yu

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SHUMINGYU is an esteemed designer womenswear brand that finds its roots in the poetic essence of Chinese art.

Alvina Ding and Laura Ding, the talented sister team behind the brand, have embarked on a remarkable venture to preserve and interpret the artistic lineages of China through the medium of fashion.

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In an exclusive interview with Asian Hustle Network, Alvina and Laura walked us through their journey of preserving Chinese artistic lineages through fashion.

WHAT INSPIRED THEM TO CREATE SHUMINGYU

Alvina and Laura: We always had a passion for Chinese culture. As Chinese Americans, we were fortunate to grow up in a household that gave us exposure to the beauty of the culture such as its poetry and the arts, despite not being able to visit that often.

The fact that we were physically removed from the country of our cultural heritage, in many ways enabled us to appreciate the culture even more. We spent the next decade in between the U.S. and China, completing our undergraduate degrees in Beijing, kickstarting our early professional careers, and finishing graduate school in the U.S. It was during this time that the idea for SHUMINGYU was conceptualized. 

Alvina: The idea for SHUMINGYU was first planted in my mind in college, where I was formally introduced to the canon of Chinese artistic lineages as a Chinese art history major. I thought it was odd that despite the breadth and nuances of Chinese aesthetics that were crystalized over thousands of years, it was rarely reflected in modern fashion products. To me, culture should not be relegated to a museum. It has meaning only when it is a part of one’s daily life. While I was studying fashion design at Parsons and Laura was in business school, we began to turn this idea into reality. I want this type of beauty to be seen, not only in rarified spaces such as classrooms and museums but by more people through a medium such as fashion that can be a part of our everyday lives. This fuels me as a fashion designer. 

HOW SELF-DISCOVERY INFLUENCED THEIR AESTHETIC AND VISION

During our young adult years living between China and the U.S., we came to understand that identity is multifaceted.

There isn’t one way to be American, Chinese, or Chinese American. Cultural identity and heritage are not limited by where you were born or what period you are living in. It is something that is constantly evolving, passed down through generations, and shaped by the people who are currently living and breathing it.

This motivated us to combine the cultural fluency we gained over the years with design as a universal language to create SHUMINGYU. This is our way of sharing our perspectives on the beauty of Chinese aesthetics and the artistic lineages that have come before us with a global audience.

THE CREATIVE PROCESS

Alvina: I first decide on a particular theme, which is either a genre of Chinese art or a type of craft. Then I dive into research on the theme for a month or two. I read academic papers and art history books to understand the significance of this kind of genre, the elements that influenced its formation, what type of art it had an impact on later, its philosophical underpinnings, where the colors come from, and literary references. I look at the most representative pieces of art from the genre and identify the most distinctive characteristics that will define the overall feel of the collection.

During this process, I am looking at art objects that have graced the courts of emperors, the gaze of connoisseurs, and the hands of skilled artisans. From the free-spirited brushwork of ink paintings, the rhythmic flow of poetry, and the delicate luster of ceramics, all of this informs my final design decisions.

As I do the research, I see designs in my head. I visualize the images and colors and capture what I see into sketches, which I then translate into prints. Once I finish my prints, I think about what silhouettes they would work best on. From then on, it’s about deciding what fabrics work best for each design and seeing how different designs fit together into an overall collection.

SHOWCASING CULTURAL HERITAGE INTO THEIR DESIGNS

Each of our collections has a specific theme, and then we incorporate that theme into the custom prints that we develop, as well as the silhouettes of our designs. For example, our first collection ‘Of Blue Mountain and Verdant Forests’ was designed around the theme of Chinese landscape paintings. Therefore, each custom print that we developed is rooted in a piece of artwork, literature, or philosophy that is connected to landscape paintings. Our hope is that with each piece a customer wears, they can discover a new piece of culture.

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The print of our Brushwork Dress is inspired by a brush stroke technique from the Southern Song Dynasty landscape painting The Joy of Harvest. Developed by the painter Li Tang from the Northern Song dynasty, the technique is called the “axe-cut stroke” and uses angular, staccato brushstrokes to depict the rocky surfaces of mountain peaks. The brush stroke derives its name from its visual resemblance to chopped wood and is one of two major brush strokes used to depict the texture of rocks in landscape paintings. The color of the dress is inspired by the golden brown hue of the painting scroll and the style lines are outlined in the shape of mountain ranges. The skirt hem shape is symbolic of the reflection of mountains in the water.

The Joy of Harvest is a masterpiece by Song Dynasty artist Ma Yuan (1160 – 1225), one of the most influential landscape painters of his time.

Example 2:

The print of our Spring Mountains Set is inspired by the mountain ranges from the Sui Dynasty painting Spring Excursion, widely cited as the earliest surviving work of Chinese landscape painting. The print traces the delicate, twisting brush strokes that outline the rise and fall of spring mountains in the distance. The colors are inspired by the luxurious powdered gold, malachite green, and azurite blue pigments used in the painting.

Painted by artist Zhan Ziqian, Spring Excursion was one of the first paintings to give prominence to mountains and rivers over human figures. It is considered a seminal work that marks the genesis of the most influential category of Chinese art for thousands of years to come.

FOSTERING A DEEPER APPRECIATION OF CHINESE AESTHETICS AMONG A GLOBAL AUDIENCE

We want to share the breadth, depth, and nuances of Chinese aesthetics with a global audience through our clothing. By offering an alternative aesthetic view to the exotified and caricatured version of Chinese fashion that has been perpetuated throughout the past century, we want to move beyond the set of narrow motifs that have defined what Chinese fashion can look like and open the door into a world where design is created by those who live and breathe the culture and comes from an informed and nuanced perspective.

Perhaps one of our prints will spark someone’s interest in understanding a particular artistic movement in history or thinking about how Chinese aesthetics is perceived today. If our pieces can inspire people to value culture more and spark conversations, then we’d consider that a success. 

WHAT LIES AHEAD FOR SHUMINGYU

We already have a lineup of themes for our future collections, and some designs are already in the works for our second and third collections. We also want to integrate more types of fabrics, silhouettes, and crafts into our designs.

In addition to clothing, we have future plans to expand into accessories, including handbags and fragrances. We are excited to bring our vision to life, step by step, and hope that others are excited to come along on this journey as well!

CONNECT WITH SHUMINGYU

Instagram: @shumingyuofficial

Website: shumingyu.co

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