LendUp raises $47.5M

What does LendUp do?

LendUp, is a direct lender focused on non-prime borrowers. The company builds technology which expands credit access and choice for over 80 M Americans who at present have limited options within traditional banking system. The company creates transparent, safe products designed for helping customers in getting access to more credit and lesser rates over time, which will further the goal of improving financial literacy and provides customers the chance to build their credit scores. The company has the backing of prominent investors in the silicon valley such as Y-combinator, Susa Ventures, Google Ventures, Kleiner Perkins, Data Collective, Kapor Capital, Andreessen Horowitz, Radicle Impact, QED Investors, Thomvest Ventures, Yuri Milner, Founders Co-Op, Bronze Investments and Victory Park Capital, plus other highly regarded entrepreneurs and angels. The company’s aim is providing anyone with a path to better financial health.

How much LendUp was funded?

LendUp raised $47.5M in Series C on August 22, 2016 from Radicle Impact, Bronze Investments, SV Angel,  Data Collective,  Susa Ventures, Thomvest Ventures, QED Investors,  Y Combinator and GV.

Previous funding

Undisclosed amount on April 20, 2012 from Start Fund

Undisclosed amount on October 10, 2012 from Y Combinator, Bronze Investments, Garry Tan, Andreessen Horowitz, Kleiner Perkins Caufield & Byers, Alexis Ohanian, Kapor Capital, Data Collective,  Thomvest Ventures, , Founders’ Co-op, GV,  Justin Mateen, AFSquare and Start Fund

$14M in Series A on November 12, 2013 from QED Investors, GV, Data Collective, Soma Capital and Susa Ventures.

$50M on April 28, 2014 from Victory Park Capital

$100M on January 19, 2016: from Victory Park Capital

$50M in Series B on January 20, 2016 from Data Collective, Kapor Capital, QED, SV Angel, Susa Ventures,  Bronze Investments, Eagle Cliff Partners, Yuri Milner and GV.

What is next for LendUp?

The company plans to use the latest funding raised for growing its L Card, a credit card which has not hidden payments and a flexible payback schedule.

More about LendUp

LendUp was founded on November 21, 2011 by Sasha Orloff and Jacob Rosenberg. It has its headquarters in San Francisco, California.