A consortium of investors led by Seer Capital has agreed to invest up to $300 million in the loans of Pave, a NYC-based online lending platform for Millennials, and provide the company with additional equity capital.
The financing will enable Pave to expand its capabilities across the United States, while supporting business growth in 2016.
Founded in 2012 and led by Oren Bass, CEO and Co-Founder, Pave operates an online lending platform for loans (made by Cross River Bank) to Millennials across most of the United States. Borrowers on Pave.com receive loans from $3,000 up to $25,000 with annual percentage rates starting at 6.5%, payable over two or three year terms.
The company is funded by Seer Capital, RPM Ventures and Maxfield Capital.