Lenny, a Santa Monica, CA-based microlending mobile application focused on Millennials, closed a seed funding round of undisclosed amount.
The company intends to use the funds to start offering instant microloans to Millennials.
Led by Joe Bayen, CEO and founder, Lenny provides a microlending mobile application that initially focuses on students offering them up to $500 with quarterly balance increases of up to $300. It assesses their creditworthiness using a multitude of criteria, including their educational background, with a strong focus on GPA.
The company is also a personal finance education platform, regularly posting credit score improvement tips and guidance on their blog.
In addition to the funding, Lenny has also announced a commercial agreement with Dwolla, a bank transfer platform and network. Leveraging Dwolla’s white label API, Lenny’s micro-lending platform will offer users a transfer, account creation, and verification experience while reducing the costs, exposures, and time to market associated with creating and supporting an in-house payment operation.
Lenny, a licensed lender in the State of California, is currently available at select universities with plans of rolling out nationwide in 2016. The application will initially be available exclusively on Apple’s iOS platform.