L.A.-based SoLo Funds has announced it has become the first Black-owned personal finance platform to reach over one million users, according to AfroTech.

Rodney Williams, co-founder and president of SoLo, is covering ground that other companies miss. The company has seen more than $300 million in transaction volume and has issued more than 600,000 loans to users from mostly underserved areas since 2018.

“We are innovating and thriving where companies have failed,” Williams said in a statement. “Reaching this milestone is a testament to our members and a pivotal moment in our history, where we have finally created a winning solution for the communities we represent. We are extremely appreciative of this moment and opportunity.”

The fintech company helps financially insecure Americans get access to emergency capital when they’re in need in as little as 30 minutes using a mobile device. Furthermore, it provides safeguards for Americans who are unable to repay their loans on a set schedule.

“For us, this is huge. I think about what the community bank is supposed to do, and they’re supposed to allow lending and borrowing in the community. It’s supposed to empower the individual and build the community. So, that is what we are doing in a different way,” Williams told AfroTech in a 2021 interview.

With more than 1.3 million downloads, the platform has also attracted investors such as Richelieu Dennis, Tim Weatherspoon, and his wife, Kelly Rowland, and Serena Williams’ Serena Ventures, according to AfroTech.

“SoLo is transforming the lives of everyday Americans with democratized access to capital and returns that’s truly rooted in community,” the former tennis pro and managing partner at Serena Ventures said in a statement.

“Community finance is working, and SoLo is proof of that. We are proud to stand behind SoLo as it continues growing at an incredible pace and focuses on giving underserved groups and individuals the tools they need to thrive financially,” she added.