Payoff, Inc., a Costa Mesa, CA-based a consumer-focused digital finance company, received an investment from global entrepreneur and Founder and CEO of Zenbanx, Arkadi Kuhlmann.
The amount of the deal, which is part of a larger round, was not disclosed.
Kuhlmann, a serial entrepreneur, best known for founding ING Direct, also joined Payoff’s Board of Directors joining current members:
– Mohamed El-Erian (Former CEO, Pimco),
– Arianna Huffington (Founder, President, Huffington Post Media Group),
– Joe Saunders (Former CEO, Visa),
– Sean Park (Founder, Chairman, Anthemis Group),
– Jim Lane (Former Partner, Goldman Sachs), and
– Scott Saunders (Founder, CEO, Payoff).
Founded in 2009, Payoff provided the Payoff Loan™, a financial product designed to take control and reduce credit card debt. Consumers complete an online application to find their Payoff Loan™ rate, the company then evaluates information and provides a variety of offers to qualified applicants. If approved, Payoff will electronically deposit money directly into a designated bank account and allow the client to use the money to pay off credit card balances.
The company is backed by institutional and angel investors. Have a look at the entire list here.