LendUp, a San Francisco, CA-based lending startup, raised $47.5m in Series C funding.
The round was led by Y Combinator’s growth fund, Y Combinator Continuity, with participation from GV (formerly Google Ventures), Radicle Impact, QED Investors, Thomvest Ventures, Susa Ventures, Data Collective, Bronze Investments, SV Angel and some angels. In conjunction with the funding, YC Continuity’s Ali Rowghani will be joining LendUp’s board as an observer.
The round reportedly valued the company at $500m.
Led by CEO Sasha Orloff, LendUp offers transparent products (loans, credit cards, a companion smartphone app and education services) that aim to expand access, lower costs, and provide credit building opportunities for the Americans who currently have limited options within the traditional banking system because of a low credit score.
The company will use the funds to continue to expand operations.