Payoff Raises $46.7M

What does Payoff do?
Payoff, is an online lender for people trying to pay off credit card debt. The company makes loans for helping people pay off credit card debt. The company began as a small company with a huge idea of empowering people for reaching their financial goals and acheiving their dreams. Their thought was that money should not get in the way of investing in life’s very important things like family, education, chairty etc. The company is creating tools for helping people eliminating debt and building wealth. They are re-imagining a new and better banking experience which is a hundred percent aligned to support the customers, one which is a game changer and humanity restorer to financial services.
How much Payoff was funded?
The company raised $46.76M in Series C on June 15, 2016 from Tencent Holdings.
Previous funding
$1.7M on April 7, 2010 from Jarl Mohn, Henry Nolte, Lane, Melanie Sabelhaus, Martin Muoto, Jim Nordstrom, Bob Allison, Mohan Tavorath, Chris Carey, Bill Cvengros, Betsy Bernard, Beth Chappell, Great Oaks Venture Capital and FirstMark Capital.
$4.1M on January 11, 2012 from Kai Huang, David S. Kidder, Curtis Arnold, Capital R Investments,  Josh Resnick, Marty Schoffstall, FirstMark Capital, Great Oaks Venture Capital and Anthemis Group
$7M in Series A on December 3, 2013 from Scott Saunders, Anthemis Group and Greatly Oaks Venture Capital
$12M in Series B from October 22, 2014 to June 23, 2014 by SparkLabs Global Ventures and Anthemis Group
What is next for Payoff?
Payoff targets millennials. The company has partnered with Moven, a money mangament company. The company hopes its content and quizzes will help it in evolving into a wealth management outfit over time.
More about Payoff
Payoff was founded on January 1st, 2009 by Scott Saunders and Eden Warner. It has its headquarters in Costa Mesa, CA.