Applied Data Finance, a NYC, San Diego, CA- and Chennai, India-based technology-enabled lender and asset manager, raised $6.5m in a convertible note round.
A combination of existing and new equity investors participated increasing the total equity raised to $32.3m.
In addition, Victory Park Capital (VPC) has increased its existing credit facility from $50m to $75m and extended it through 2021.
The company will use the added debt and equity funding to continue to scale its Personify Financial online lending platform, which provides unsecured personal loans for underestimated underbanked consumers.
Led by Krishna Gopinathan, Founder, Co-Chief Executive Officer, ADF combines technology and application of advanced data science and machine learning to provide personal loans to thousands of underestimated under-banked consumers.