Marlette Funding, LLC, a Wilmington, DE-based national marketplace for unsecured personal loans, raised $75m in equity funding.
The round was led by Invus Opportunities, a diversified global private equity firm, and included Navient (NASDAQ: NAVI), a loan management, servicing and asset recovery company, as well as existing investors.
The company intends to use the funds to accelerate growth, further its partnership agenda and begin putting loans on its own balance sheet. Marlette also anticipates closing over $450m in debt facilities later this summer with several financial institutions.
Led by Jeffrey Meiler, CEO, Marlette Funding is a national personal loan marketplace whose first online installment loan product offering, Best Egg, recently crossed the $1 billion mark. Best Egg loans are unsecured personal loans ranging from $2,000 to $50,000 through Cross River Bank, a New Jersey chartered bank, member FDIC. The minimum individual income required to qualify for a loan in the amount of $50k is $150k.