FintekNews Deal of the Day – LendUp Lands $47.5M

Founded in 2011, LendUp touts itself as a “socially responsible lender” and a “payday loan alternative”.  They offer Lendup Loans, payday loan alternatives, their L Card credit card and free online education courses on financial literacy.

According to their website….”(e)very year, millions of Americans find themselves in need of short-term credit with few places to turn. That’s where LendUp comes in. We offer a fast, secure and convenient alternative to payday loans — giving our borrowers the cash they need now, and an opportunity to build credit for the future (where available) with the LendUp Ladder.

Customers climbing the Ladder in eligible states could see their rates go down over time.”

Separately, according to TechCrunch, they also off the “L Card, a credit card with no hidden fees and a flexible payback schedule. It also sports modern features through its companion smartphone app, which lets users instantly halt charges in case of loss or theft, and a financial health meter that clearly shows how much credit the customer has left to spend. LendUp is already signing up thousands of accounts per month, even though it hasn’t been ready to aggressively market itself just yet.

The firm raised $47.5M from Y Combinator on the latest Series C round.

Total Equity Funding
$111.5M in 5 Rounds from 22 Investors

Most Recent Funding
$47.5M Series C on August 22, 2016