US-based financial services provider Marlette Funding raised $75m in funding on Friday from investors including student loans servicing company Navient.
The round was led by private equity firm Invus Opportunities and also included unnamed existing backers. Marlette raised $2m in September 2014 but has not disclosed any additional funding or investors.
Founded in 2013, Marlette operates an unsecured personal loans service dubbed Best Egg, which enables consumers to pay off their credit card debt at low, fixed interest rates. More than $1bn in loans have been originated through Best Egg since its launch.
Jeffrey Meiler, chief executive of Marlette Funding, said: “We are thrilled to collaborate with two marquee investors to deliver simple and efficient products and services to the consumer market. The investment caps a highly successful first 16 months.
“Being able to lend on our own balance sheet is significant. It signifies to our buyers that we have confidence in the quality of our loans and positions us for success as the market evolves and matures.”
Marlette plans to close an additional $450m in debt financing from undisclosed financial institutions later this summer.