WVU alum Rodney Williams, in collaboration with his best friend Travis Holoway, made history in 2018 with the creation of SoLo Funds, the only Black-led financial-tech benefit corporation and app in the U.S. and Canada.

Williams graduated from WVU in 2009 with degrees in finance and economics before pursuing his master’s degree in integrated marketing communications and creating SoLo Funds.

The free app allows users to borrow and lend money to other users on flexible terms and has helped more than 1 million people make over $250 million in personal loans since its launch, according to the organization’s website.

In 2023, the app earned a spot on the CNBC Disruptor 50 list, which recognizes private companies that are growing and chasing opportunities in the market, according to its website.

Users can request or fund loans on the app. Each loan is accompanied by a description that includes a designated amount, reason for the requested loan, payback period and tip offer following the transaction, according to the website. Tips are delivered to lenders when their loan is paid back as a sign of appreciation.

To help users decide which loans to fund, lenders can view other users’ scores and repayment history, according to the SoLo Funds website.

“Our lenders are making the best return they could possibly make, averaging over 20% APR [Annual Percentage Rate],” Williams said. “To say very directly, it’s more beneficial for you to lend on SoLo than to invest in the stock market.”

Williams said the app is rooted in community, as its creation was inspired by his family, friends and millions of other Americans who don’t have cash reserves to protect themselves from financial hardship.

“It really stemmed from like a personal experience of my friends and family not having access to like a few hundred dollars when they really need it to like pay for bills as a student, maybe pay for books or pay for gas or whatever someone may need,” Williams said. “Seventy percent of Americans don’t have cash reserves, so they don’t have a significant savings.”

He also recognized that a large number of people want to grow their bank accounts but don’t know where to start.

“I know the promise of crypto and NFTs were all about figuring out how to make money with your money, but I just felt like it was relatively difficult for the average American to actually do that,” Williams said.

Williams said his app can be used by almost everyone. Buyers and lenders must be at least 18 years old and a U.S. citizen. Individuals who possess a 10-year non-conditional Permanent Resident Card are also eligible to sign up for SoLo Funds, according to its website.

“We’re all about people helping people, life on your terms, borrow on your terms,” Williams said. “We believe in community finance.”

Williams’s app has grown to employ over 85 employees across the United States. He said that his focus is empowering communities and fighting adversity.

“As Americans, I think we should be empowered to think about new products and services to help our communities,” Williams said. “I thought this was the land of dreams and aspirations, but it’s actually really difficult to [succeed] in financial services.

“We’ve helped Americans over a million times keep their lights on, keep food on the table or pay for books for school, and that’s all we need.”

SoLo Funds is available for download on the App Store and Google Play. More information can be found at https://solofunds.com/lend/.