LoanHero, Inc., a La Jolla, CA-based consumer-lending platform, closes $1.7m in seed capital along with a $20M debt facility.
The seed round was led by a New York-based investment partnership focused on early stage FinTech start-ups and included multiple local and national angel investors. The debt facility will be used to finance consumers.
Led by Derek Barclay and Kristin Slink and led by Steve Connolly, CEO, LoanHero has developed a loan origination platform that provides financing options for consumers purchasing goods and services including furniture, home improvement, auto repair, and elective healthcare. Through the integration of strategic lending partners in combination with a balance sheet/marketplace lending structure, the solution offers instant-decision software and the most competitive loan product available for each level of credit.
The company, which partners with credit unions and marketplace lenders to provide prime borrowers with low, fixed interest rates, has offices at San Diego’s tech incubator, EvoNexus.