Product Manager, SoLo Funds
$120-150k
Social loans platform
Job no longer available
Social loans platform
21-100 employees
Job no longer available
$120-150k
21-100 employees
Company mission
To build a community that enables financial autonomy for all.
Role
Who you are
- 3+ years of experience in product management, preferably in the FinTech industry
- A proven track record of successfully driving the development and launch of new products and features
- A strong understanding of the intricacies of money movement within a financial technology context, including regulatory considerations and risk management
- A general understanding of subprime lending practices, including risk assessment, underwriting, and credit scoring models
- Familiarity with compliance requirements and best practices related to the banking and lending industry
Desirable
- Specific experience in money movement or subprime lending
- Experience developing and shipping products and features at a startup
What the job involves
- This PM will collaborate with cross-functional teams including Engineering, Design, Operations, Data, Marketing, Compliance, Legal, Growth, and Customer Support to develop and execute product strategies and roadmaps for our Onboarding, Marketplace, and Money Movements vertices
- Conduct market research and analysis to identify user needs, market trends, and competitor offerings to drive product enhancements and differentiation
- Define and prioritize product features, user stories, and requirements based on business goals, user feedback, and technical feasibility
- Work closely with Engineering and Design teams to ensure smooth and timely delivery of product features and enhancements, employing agile methodologies
- Gather and analyze data, including user metrics, feedback, and market trends, to measure the performance and success of product initiatives via the creation and monitoring of KPIs
- Conduct user testing and research to gain insights into user behavior and preferences, and use that knowledge to inform product decisions and improvements
- Collaborate with the Growth team to develop go-to-market strategies, product positioning, and messaging to drive user acquisition and engagement
- Support the development and execution of product launch plans by writing PRDs and Project Briefs, reviewing communication strategies, training materials, and user documentation
- Monitor industry trends, regulatory changes, and technological advancements relevant to the lending and financial technology space, and incorporate those insights into product planning and strategy
Our take
SoLo’s community-based peer-to-peer money lending platform allows independent users to request and provide short-term loans to others. Given that 80% of American citizens haven’t got access to enough savings to cover emergency costs, SoLo’s offering is a much-needed one. The platform offers a more palatable alternative to that of payday loan companies, who often take advantage of vulnerable users with average interest rates of nearly 400%.
SoLo allows borrowers to set their own terms on loan amounts, lender appreciation tips, and payback dates while allowing lenders to filter through the marketplace to find agreeable terms for them. Lenders are also protected from defaults if they purchase the company's insurance, a product that helped propel SoLo's growth.
The company is investing in its services and has recently released a digital SoLo wallet with the aim of making it easier for users to add funds to the platform whilst increasing transaction transparency. So long as the company can continue to protect its users from predatory lenders while ensuring that lenders make respectable capital gains, further success in the future seems highly likely.
Freddie
Company Specialist at Welcome to the Jungle
Insights
9% employee growth in 12 months
Company
Funding (last 2 of 3 rounds)
Feb 2021
$10m
SERIES A
Oct 2019
$1.6m
SEED
Total funding: $12.8m
Company HQ
Palms, Los Angeles, CA
Leadership
Travis Holoway
(Co-Founder & CEO)Having studied at the University of Cincinnati, they worked at Northwestern Mutual for almost 6 years. They left in March 2017 having co-founded SoLo Funds, serving since as CEO.
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