Upstart, a Palo Alto, California-based lending platform for professional and academic talent, raised $35m in funding.
The round was led by Third Point Ventures with participation from Khosla Ventures, First Round Capital and Collaborative Fund.
The company will use the funds to continue to expand operations.
Led by Dave Girouard, Founder and CEO, Upstart is an online lending platform that finances people based on signals of their potential, including schools attended, area of study, academic performance, and work history. Its proprietary underwriting model identifies high quality borrowers despite limited credit and employment experience.
The company offers 3-year fixed interest loans, whose funds can be used for starting a business, paying for a coding bootcamp, eliminating student debt or paying off credit cards.