The Seattle-based fintech startup, Possible, has achieved a remarkable milestone, reaching a revenue run rate of $125 million last year. This achievement marks the company's first annual profit, following a challenging period during the pandemic that threatened its viability. Possible specializes in offering small-dollar loans as an alternative to traditional payday lending, providing amounts up to $500 without requiring credit checks.
Expansion plans are underway as the company aims to double its office space near Pike Place Market, anticipating the need to accommodate up to 100 employees in Seattle. Currently, Possible employs around 150 people globally, a significant recovery after a workforce reduction of more than a third in 2022.
To strengthen its leadership team, Possible has welcomed back co-founder Prasad Mahendra, who will oversee AI initiatives after departing two years ago. New hires include Meghan Frazer as chief people officer, Craig Anderson as general counsel, and Jon David as chief product officer, who previously worked on major gaming franchises. The company continues to focus on leveraging technology to enhance its lending services.