FinTech: Digital Lending Platform LendUp Notches Up $2B in Loans
“You’re more than your credit score.”
Ethical online lender LendUp announced Thursday its achievement of having disbursed aggregate loans worth $2 billion on its platform.
Founded in 2012, the company’s main goal is to help anyone improve their financial condition. Along the way, it has handed out 6.5 million loans at an average ticket size of $300, according to Yahoo Finance.
The day also happens to mark the first anniversary of Anu Shultes as CEO of LendUp.
LendUp: Serving America’s banking- and credit-excluded
LendUp caters to America’s population not having access to the mainline credit and banking providers.
“Through our lending, education, and savings programs, we’ve helped customers raise their credit profiles by hundreds of thousands of points cumulatively and saved them hundreds of millions of dollars in interest and fees from much higher cost products,” said Shultes.
Further, this milestone is a real testament to the impact that financial service providers like LendUp have on the market.
Significantly, the company claims to be on a path of disciplined, profitable, and sustainable growth.
“Anu’s experience building and managing multi-million-dollar credit portfolios, as well as her unique perspective as an immigrant and a woman, is helping to ensure a more inclusive and welcoming financial system that is desperately needed to grow the middle class,” said Don Butler, Managing Director, Thomvest Ventures, a LendUp investor.
Latest Alternative Investment News
Global early-stage venture capital firm Bessemer Venture Partners announced Thursday its raise of $3.3 billion across two new funds. BVP XI, which collected $2.475 billion, will focus on early-stage companies…
SS&C ALPS Advisors have launched an actively managed, semi-transparent ETF that focuses on the U.S. REIT securities market. The ALPS Active REIT ETF (REIT) will trade on the NASDAQ.
Atom Bank, which is based in Durham, U.K., plans to raise £40 million from its existing shareholders in a move to achieve profitability within a year. The digital bank also…
Federally chartered digital bank Anchorage announced Thursday its Series C raise of $80 million led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico.