Credible, a US-based online loans marketplace backed by law firm Orrick, closed a $10m series B round on Wednesday led by equity manager Regal Funds Management.
The round also featured existing investors including venture capital firm Carthona Capital and Ron Suber, president of peer-to-peer lending platform Prosper Marketplace. It followed a $10m series A in 2015 that included Suber and fellow angel investors Soul Htite and Scott Langmack.
Founded in 2012, Credible operates an online marketplace where users can compare the rates of several lenders for student loans, student loan refinancing or personal loans.
The platform also features a pre-qualification engine called LenderExpress that enables prospective borrowers to see the rates for which they are eligible. More than 85,000 users qualified for loans through Credible in 2016.
Orrick took part in Credible’s $2.7m seed round, which closed in early 2015, alongside Carthona Capital, Cthulhu Ventures, Redbus Group, Cap-Meridian Ventures and angel investors Simon Franks, Trevor Loewensohn, Mitch Zuklie and Peter Gammell.