Pave, a New York based online lending platform for the Millennial generation, completed an $8m Series A equity round of funding.
The round was led by Maxfield Capital with participation from existing investors RPM Ventures and Seer Capital.
The company intends to use the funds to expand its financing program.
Founded in 2012 by Oren Bass, CEO, and Sal Lahoud, Creative Director, Pave operates an online lending platform for loans made by Cross River Bank, focused on Millennials, particularly those with limited credit histories, across the United States. Borrowers on Pave.com receive loans from $3k up to $25k with annual percentage rates starting at 6.0%, payable over two or three year terms.
In December 2015, the company secured a financing of $300m to fund the origination of loans on its platform.
The tem also includes David Rosen, Chief Credit Officer, and Anton Eremenko, VP of Engineering.