Aura, a San Francisco, CA-based mission-driven financial technology company that offers affordable loans to hard-working families, closed $28.7m in residual debt financing from Angel Island Capital.
The company intends to use the funds to scale and expand into new markets.
Founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong, Aura is a technology-powered, Community Development Financial Institution (CDFI) that provides small, affordable loans to working families in America.
The company uses cloud-based lending technology that goes beyond the credit score to determine borrowers’ ability to repay and enables local businesses to administer credit applications.
Currently available in nearly 1,200 locations across California, Texas, Illinois and Arizona, loans are made possible by a social bonds program, which enables banks and other financial institutions to invest in loans to low-income individuals, while generating compelling returns.
In total, Aura has raised over $431 million in social bonds across 16 bond issuances and has provided approximately $500 million in loans to more than 400,000 borrowers at over 1,200 partner locations since founding.