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.
Related Story: FinTech: As Investors Revolt, Fintech Lenders Get Picky on Borrower Quality
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