AAA LendUp lands more funding

LendUp lands more funding

LendUp, a US-based online lending platform backed by corporates Alphabet and PayPal, has raised an undisclosed sum in a round co-led by investment firm LL Funds and private equity firm Invus Opportunities.

The round included venture capital firm QED Investors and followed an investment of undisclosed size by payment technology provider PayPal in June 2017.

Founded in 2012, LendUp provides an online platform that enables users with low credit scores to borrow money. In addition to growing its team, the capital will be used to move the company’s credit card business, including its card portfolio, technology and team, to a new standalone company, dubbed Mission Lane.

The company raised $47.5m in a 2016 equity round that included GV, the subsidiary of internet technology group Alphabet formerly known as Google Ventures. Accelerator Y Combinator’s YC Continuity fund led the round, which included QED Investors, Thomvest Ventures, Data Collective, Susa Ventures, Radicle Impact, Bronze Investments and SV Angel.

LendUp had collected $150m earlier the same year in a series B round that included equity funding from GV, QED Investors, Data Collective, Susa Ventures, Kapor Capital, SV Angel, Eagle Cliff, Bronze Investments and Yuri Milner, and $100m in debt financing from Victory Park Capital.

Victory Park had already provided $50m in debt financing for the company in 2014, the year after it secured $14m in a series A round featuring GV, QED Investors, Data Collective and Matt Ocko.

GV, Y Combinator, Kleiner Perkins Caufield & Byers, Startfund, Andreessen Horowitz, Thomvest Ventures, Kapor Capital, Bronze Investments, Founders CoOp, Data Collective and various angel investors had previously supplied an undisclosed amount of seed capital for LendUp 2012.

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