Insikt, a US-based online lending service backed by e-commerce firm Rakuten, closed a $50m series D round yesterday led by financial services group Grupo Coppel.
Investment management firm Colchis Capital and venture capital firms FirstMark Capital and Revolution Ventures also took part in the round.
Founded in 2011, Insikt faciliates loans to the underbanked and unbanked, a market it estimates numbers around 33.5 million people in the US. Insikt has a network of 30 partners across 620 locations in California, Texas, Illinois and Arizona, and has approved 125,000 loans to date.
The series D capital is set to drive further expansion in existing and new markets, and the company is targeting a presence in more than 5,000 locations.
The round brings Insikt’s total funding to $100m, it said. The company most recently raised an undisclosed sum from cross-border VC fund Leap Global Partners in August 2017.
Rakuten is among Insikt’s existing shareholders, as are Serengeti Asset Management, Peterson Ventures, Jefferies and Atalaya Capital Management, though details about their precise involvement could not be ascertained.
David Coppel, chief merchant of Grupo Coppel, said: “We are founded on the simple – but powerful – idea that businesses can change and improve lives.
“Our investment reflects our commitment to empowering underserved communities, and helping provide families with the economic tools to thrive.”