Upstart, a San Carlos, CA-based consumer lending platform, raised $32.5M in funding.
The round was led by Rakuten with participation from existing investors Third Point Ventures, Khosla Ventures, and First Round Capital. In conjunction with the funding, Oskar Mielczarek de la Miel, Managing Partner of the Rakuten FinTech Fund, is joining Upstart’s Board of Directors.
The company intends to use the funds to continue to expand operations.
Led by Save Girouard, CEO, Paul Gu, and Anna M. Counselman, joined now by Sanjay Datta as CFO, Upstart is an online consumer lending marketplace that leverages data science and technology to power credit decisions and automate verification.
To date, the platform has originated more than 50,000 loans.