Backed, a NYC-based digital lending platform, raised $1.5m in seed funding.
Backers included angel investors, iAngels, and Cyhawk Ventures.
The company intends to use the funds to further develop the product, team and company, for customer acquisition, and revenue growth.
Led by Co-CEOs George Popescu and Gilad Woltsovitch, Backed offers a digital lending platform providing loans to qualified millennials without a credit history who want to build their credit score and accelerate their financial independence. It works by combining machine learning algorithms, a progressive loan application process, and enabling parents (called backers) to effectively lend their credit history to their children in exchange for lower rates.
The platform will begin accepting loan applications in NY, NJ, and FL immediately.