LendUp, a San Francisco, CA-based fintech consumer company, raised $150m in a combination of Series B round financing and an expanded credit facility.
The company will use the funds for the expansion of its team and platform.
The Series B round was led by Susa Ventures and Data Collective, with participation from existing investors Google Ventures, QED, Kapor Capital, Yuri Milner, SV Angel, Eagle Cliff, Bronze Investments and Victory Park Capital, which provided the second credit facility to support new product growth.
Launched in 2012 by CEO Sasha Orloff, LendUp is a direct lender focused on non-prime borrowers, more than 80 million Americans who currently have limited options within the traditional banking system.
The company’s credit products, available online or through a mobile phone, include:
– the LendUp Ladder, a payday loan alternative (currently available in 23 states),
– the L Card, a credit card business, which launched in beta in 2015 and
– financial education courses.