Fundings Archives - Page 9 of 11

EZBOB Raises £20 Million in Series C Round Led by Bank Leumi, Oaktree

By David Penn Posted on March 11, 2016
Categories: EZBOB, Funding, Fundings

Small business lending innovator EZBOB has raised £20 million ($28.8 million USD) in a Series C investment. The round was led by Leumi Partners and Oaktree Capital Management and takes EZBOB’s total capital to more than $83 million.

EZBOB CEO Tomer Guriel, co-founder, called the investment “proof” of his company’s platform and strategy for helping small businesses get the funding they need to grow. “This latest investment will further accelerate our growth plans and enable us to continue to develop our proprietary business lending platform to address more of the U.K.’s business lending needs.”

Pictured (left to right): EZBOB COO Nimrod Kaplan and CEO Tomer Guriel, co-founder, demonstrated the EZBOB platform at FinovateEurope 2014 in London.

The investment also marks the first major foray into fintech for the Israeli-based Leumi Partners. Leumi Group Deputy CEO Danny Tsiddon says that, given the strong growth of business e-lending worldwide, “it is only natural that a bank which specializes in Israeli high-tech and spearheads innovation has chosen to invest in this leading FinTech startup.”

EZBOB says that the additional funding will help the the company both increase its lending capacity as well as improve its lending technology. The company has provided more than £100 million in funding via more than 8,500 loans to SMEs in the United Kingdom. Applying for a loan from EZBOB takes only 10 minutes and businesses can get funding in as little as 30 minutes. Loans are available from between £500 and £120,000, and U.K. businesses with annual turnover of at least £10,000 that have been in operation for at least a year are eligible.

Founded in 2011 and based in London, EZBOB demonstrated its technology at FinovateEurope 2014.

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StockViews Raises $355k in Seed Funding, Adds Fidelity’s Balk as Chairman

By David Penn Posted on March 10, 2016
Categories: Funding, Fundings, StockViews

Stock market research platform Stockviews has raised £250,000 ($355,000 USD) in seed funding. Participating in the round were angel network Craigie Capital, the London Co-Investment Fund, and former head of Fidelity International, Thomas Balk, who will join Stockviews’ board of directors as chairman.

Stockviews CEO Tom Beevers called Balk’s decision to join the company “a huge validation of this new approach to equity research.” Beevers praised Balk’s 25 years of experience in global asset management, including 16 years at Fidelity. “We’re delighted to have such a high-caliber executive heading up our board,” Beevers said.

Pictured: StockViews CEO and Founder Tom Beevers demonstrated his company’s technology at FinovateSpring 2015.

Balk spoke to StockViews’ ability to help improve sell-side research, which he said “has long had a poor reputation for generating results.” Focusing on the competition among fund managers as a main driver of interest in new technologies, Balk sees StockViews as becoming the “leading marketplace for high-quality, independent investment research.”

The news comes almost a year since StockViews made its Finovate debut at FinovateSpring 2015. The company’s platform connects individual stock market investors with more than 500 independent equity analysts who make their research available online. The “StockViews Signal,” launched at FinovateSpring 2015, provides a straightforward buy or sell signal for stocks based on the aggregated recommendations of the platform’s highest-rated analysts.

Founded in 2014, StockViews is headquartered in London, United Kingdom.

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WorkFusion Raises $14 Million Series C Round Led by Nokia Growth Partners

By David Penn Posted on March 4, 2016
Categories: Funding, Fundings, WorkFusion

Here’s some investment news we missed when it broke in late December: WorkFusion, a company that combines machine learning and crowdsourcing to automate business processes, raised $14 million in Series C investment. The round was led by Nokia Growth Partners, and featured participation from existing investors Greycroft Partners, iNovia Capital, Mohr Davidow Ventures, and RTP Ventures.

The investment takes WorkFusion’s total capital to more than $36 million. The company says the new funding will help fuel its business development initiatives around the world.

Pictured: WorkFusion CEO Max Yankelvich demonstrating his company’s Active-Learning Automation technology at FinovateFall 2014 in New York.

Calling 2016 “the year of automation,” Yankelvich pointed out that WorkFusion’s customers have reduced operational costs by 60% and gained what he called “business agility.” For financial services companies, WorkFusion’s SaaS technology is deployed for customer onboarding, claims processing, and compliance, among other processes.

Among the more recent financial services companies to deploy WorkFusion’s technology is fellow Finovate alum, Markit, which announced its partnership with the machine learning specialist in February. The company has been profiled recently in the New York Business Journal, as well as in AlleyWatch, which features a Q&A with WorkFusion VP of Marketing, Adam Devine.

Founded in 2010 and headquartered in New York City, WorkFusion demonstrated its Active-Learning Automation platform at FinovateFall 2014. Eighteen out of the top 20 information services businesses use WorkFusion’s technology, as do leading financial, global commerce, and business process outsourcing providers. Check out our Finovate Debut post featuring WorkFusion.

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Finagraph Picks Up Investment from Moody’s

By David Penn Posted on March 2, 2016
Categories: BBC Easy, Finagraph, Funding, Fundings

The small business intelligence and analytics platform Finagraph has earned an investment from Moody’s, giving the rating service and research firm a minority stake in the Seattle-area company.

According to Mark Almeida, President of Moody’s Analytics, the investment is based on the company’s desire to help FIs that lend to SMEs. Almeida explained:

“Finagraph’s technology and insight into small business financials enable us to accelerate our efforts to transform the way lenders interact with small businesses, helping bankers make better, faster lending decisions for the growing SME market.”

CEO James Walter (left) and VP of Sales Corey Ross demonstrated their platform at FinovateSpring 2013 in San Francisco (a.k.a. BBC Easy).

Known as BBC Easy when it demonstrated its technology at FinovateSpring 2013, Finagraph provides business owners with tools that help them see trends in working capital, find hidden cash, and monitor risk indicators such as declining cash or a rising expenses vs revenues ratio.

Finagraph’s Financial Dashboard plays well with accounting systems such as Xero and QuickBooks and, as of mid-February, is now available for free. Finagraph also offers financial skills training through its Finagraph Academy, and courtesy of its new relationship with Moody’s, Finagraph will provide business credit scores based on Moody’s Analytics Risk Quality or MARQ.

Finagraph was founded in 2010 and is headquartered in Seattle, Washington. The amount of Moody’s investment was not disclosed. The company will gain a seat on Finagraph’s board of directors are part of the deal.

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Signifyd Raises $20 Million in Series B Led by Menlo Ventures

By David Penn Posted on February 26, 2016
Categories: Funding, Fundings, Signifyd

Along with participation from Allegis Capital, IA Ventures, QED Investors, and individual investors, Bill McKlernan and Tim Eades, anti-fraud specialist Signifyd has raised $20 million in a Series B round led by Menlo Ventures.

“We’re saving our customers millions of dollars in revenue, and merchants of all sizes are taking note,” Signifyd’s CEO and co-founder Rajesh Ramanand said in a statement about the funding. He pointed out that the Series B round is coming only seven months after the company’s successful Series A round as evidence of the company’s growing traction, adding, “We believe the technology we’re applying to e-commerce is the technical foundation for the next generation of insurance products.”

The funding takes Signifyd’s total capital to $31 million.

Rajesh Ramanand, Signifyd co-founder and CEO, demonstrated his company’s Guaranteed Payments solution at FinovateSpring 2013 in San Francisco.

Signifyd will use the new funding to drive growth, scale infrastructure, and “continue to expand its team of world-class fraud experts.”

Signifyd helps e-commerce merchants fight fraud with a tool called the Social Graph. The Social Graph helps merchants determine whether or not the person behind an online transaction is who they say they are. The technology provides merchants with a clear “Accept/Decline” determination on the online customer’s identity, and Signifyd agrees to accept any liability in the event that an “Accepted” transaction is discovered ultimately to be fraudulent. Signifyd calls it “insurance for e-commerce.”

The funding news comes just days after Signifyd announced that it was extending its integration with Shopify Plus. Earlier this month, the company was honored as a finalist in the 2016 BIG Innovation Awards sponsored by the Business Intelligence Group.

Founded in 2011 and headquartered in Palo Alto, California, Signifyd made its Finovate debut at our spring conference in 2013.

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PayActiv Raises $9 Million in Series A

By David Penn Posted on February 18, 2016
Categories: Funding, Fundings, PayActiv

In a round led by SoftBank Capital, financial wellness specialist PayActiv has raised $9.2 million in new funding. The investment will help the company grow its suite of turnkey, workplace-based, financial wellness solutions.

Combined with a $4.35 million seed round from the summer of 2014, the Series A brings PayActiv’s total capital to more than $13 million.

PayActiv CEO and Founder Safwan Shah emphasized the potential for expansion when discussing both his company’s 2015 as well as the recent investment. “With this funding, we will continue to expand and enhance our innovative wellness programs that help all workers lead a better life with security, dignity, and savings,” Shah said.

Pictured: PayActiv CEO and founder Safwan Shah demonstrating the MyMo intelligent cash flow management app at FinovateSpring 2015.

PayActiv’s MyMo app is an intelligent, cash-flow management tool that gives workers the ability to get advances on future paychecks, as well as pay bills, transfer money, and top up prepaid mobile phones. PayActiv refers to this as helping close the “timing gap” between earning and spending, freeing earned income that is – from a cash-flow perspective – “stuck in traffic.” The app is available in both iOS and Android, and requires no changes in either incumbent IT or payroll systems. In addition to helping keep employees away from often predatory payday lenders, PayActiv’s MyMo can help workers build or rebuild credit, as well as help them manage their finances more efficiently.

Founded in January 2013 and headquartered in San Jose, California, PayActiv demonstrated MyMo at FinovateSpring 2015. The company was featured in an American Banker column on budgeting apps last November, the same month founder and CEO Shah was interviewed by TechnologyAdvice on the subject of income smoothing and real-time income access.

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Xignite Raises $20 Million in New Partnership with Tokyo’s QUICK Corporation

By David Penn Posted on February 9, 2016
Categories: Funding, Fundings, Xignite

Go east, young provider of cloud-based market data solutions.

A $20.5 million Series C investment led by Tokyo’s QUICK Corporation has boosted Xignite’s total funding to more than $37 million, and signaled the company’s intention to expand into the Asian market.

Pointing to the “hyper-growth” in Asia and calling the region “the world’s largest fintech frontier,” QUICK president and CEO Noboru Yoshioka said the partnership between his company and Xignite will yield a “unique opportunity to capture growth in this market.” Xignite CEO and founder Stephane Dubois, whose company is demonstrating its latest technologies at FinovateEurope this week, referred to both the flexibility and the openness of his company’s solution as key to providing financial services customers with the data they need.

Pictured: Stephane Dubois, Xignite CEO and founder, demonstrated Xignite Cloud Streaming at FinovateFall 2015 in New York.

“Financial institutions can no longer afford to operate rigid and proprietary data infrastructures,” Dubois said in a statement. “These legacy institutions must innovate and simultaneously cut costs if they want to survive and thrive in this new paradigm.”

Also participating in the funding round were Altos Ventures, Startup Capital Ventures, and StarVest Partners.

The investment will enable Xignite to increase its sales, marketing, and production capacities in order to keep up with the company’s growth. As part of the deal, QUICK managing director, Atsuyuki Nakajima will join Xignite’s board of directors. QUICK Corporation is a part of the Nikkei Group, and is the largest financial information provider in Japan.

Founded in 2006 and headquartered in San Mateo, California, Xignite demonstrated its Cloud Streaming technology at FinovateFall 2015. The company’s solution is scalable, based on open standards, and has “zero footprint” for clients. Helping power some of fintech’s most innovative companies, e.g., Betterment and Currency Cloud, Xignite has more than 1,000 customers in fields ranging from investing and trading to wealth management. Xignite grew its bookings by more than 50% in 2015, serving more than 455 billion API calls.

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Revolut Pulls in $4.8 Million

By Julie Muhn (@julieschicktanz) Posted on February 5, 2016
Categories: Funding, Fundings, Revolut

London-based Revolut launched in 2014 under the premise that people should not be charged for spending and transferring their own money in a different currency. This week, the startup closed a $4.8 million round of funding.

The round was led by Balderton Capital. Additional contributors include: Index Ventures, Point Nine Capital, Seedcamp, and Venrex Investment Management.

Combined with the startup’s previous investments, this round brings its total funding to $7.6 million.

In January, Revolut launched version 2.0 of its personal money cloud. Its redesigned app is focused on offering transparency while maintaining an intuitive user experience.

The company’s CEO and Founder Nikolay Storonsky, and CTO Vlad Yatsenko debuted Revolut at FinovateEurope 2015 in London.

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Finovate Alums Are Top Tech Startup Fundraisers in Four States

By David Penn Posted on February 3, 2016
Categories: Avalara, CashStar, edo Interactive, Funding, Fundings, Kabbage

An interesting infographic from CB Insights reveals four Finovate/FinDEVr alums to be the most well-funded tech startups in their respective states.

“Using CB Insights data, we analyzed the most well-funded startups by state, based on disclosed equity funding,” read the CB Insights blog accompanying the map. The survey did not include debt funding and companies that had to have raised at least $5 million. The survey also excluded Alaska or Hawaii, which had no qualifying startups.

Avalara (Washington State)

Headquarters: Seattle/Bainbridge Island
Total capital raised: $223.63 million
Latest demo: FinDEVr San Francisco 2015

CashStar (Maine)

Headquarters: Portland
Total capital raised: $43 million
Latest demo: FinovateFall 2011

edo Interactive (Tennessee)

Headquarters: Nashville
Total capital raised: $91.5 million
Latest demo: FinovateSpring 2012

Kabbage (Georgia)

Headquarters: Atlanta
Total capital raised: $238.65 million
Latest demo: FinovateSpring 2015

For more on funding for Finovate alums, check out our funding year-in-review, Finovate Alums Raise More than $3 Billion in 2015.

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Finovate Alums Raise More Than $3 Billion in 2015

By David Penn Posted on February 1, 2016
Categories: Funding, Fundings

Maybe it’s passé to say another year was a “banner year” for investment in fintech. But there is no better way to describe the more than $3 billion in funding raised by Finovate alums in 2015.

We previewed our alum funding for 2015 a few weeks ago with a look at investment in European-based alums. Now we present the numbers for the entire world.

Finovate alums by year

2015: $3.1 billion, up 41%
2014: $2.2 billion, up 167%
2013: $825 million, up 83%
2012: $450 million

Highlights from 2015

Worldwide, 116 Finovate alums raised $3.1 billion
Credit Karma raised the largest amount of capital, pulling in $175 million in June. Kabbage came in second with $135 million in October.
April may be poetry’s cruelest month, but for Finovate alums, it was the most lucrative with $400 million raised by 15 companies. January was a close second, with $340 million raised by 14 companies.
April was also the biggest month for number of deals with 15. January, May, and July were a close second with 14 deals each.

Alum funding by month

December

BankersLab closes on undisclosed amount in angel funding round
CBANC Network garners $4 million in Series B funding
Gusto, formerly ZenPayroll, closes on $50 million funding
Onovative raises $1.2 million in new funding
Rippleshot raises $1.2 million in round led by KGC Capital
ThetaRay lands $5 million investment from Alibaba; partners with PwC
Trizic raises $2 million to help advisors compete with algorithms
Trulioo raises $15 million with help from American Express Ventures
WorkFusion raises $14 million Series C Round Led by Nokia Growth Partners

November

Figo announces new “seven-figure” financing round.
iSignthis completes $10 million capital raise.
Lighter Capital closes $9 million Series B funding round, raises $100 million to lend to tech startups
Nous closes in on 350,000 fundraising goal [Update: Nous exceeds original goal, raises $750,000]
Roostify garners $500,000 in funding from Wells Fargo Accelerator
Tuition.io raises $5 million in Series A.

October

Blooom announces $4 million Series A round led by QWDS Investors.
CardFlight scores $4 million in Series A funding.
Financeit closes undisclosed amount of funding from Goldman Sachs.
IDology announces “significant,” strategic equity investment in Payfone.
Kabbage’s fresh $135 million to help grow Karrot Consumer Lending Platform.
Moven rounds up $12 million in funding for international expansion.
*Praesidio raises $3.1 million.
Ripple Labs makes waves: raises $4 million, rebrands & launches Interledger.
MortgageTech is on the move as Roostify closes Series A round led by USAA.
Spreedly raises $2.5 million in new funding.
Stockpile hauls in $15 million in new investment.
Xpenditure rakes in $5.7 million.
WorldPay goes public; shares rally on trading debut.

September

Alkami Technology earns $11 investment.
Blooom wins grant from LaunchKC.
Cloud Lending Solutions raises $8 million in Series A.
Coinalytics earns $1 million in seed funding from The Hive.
CoverHound completes $33 million Series C.
Ellevest pulls in $10 million from Morningstar.
InForcePro rakes in $4 million following Finovate debut.
Kreditech raises €82 million in Series C investment led by J.C. Flowers.
MX lands $4 million from CheckFree founder Pete Kight.
Trading Ticket picks up $4 million in seed funding from Citi, Valar Ventures.
Trunomi raises $3 million to solve KYC challenges.

Mergers & Acquisitions: Prosper signals Move into PFM with $30 Million Acquisition of BillGuard.

August

AnchorID raises $800,000.
CashStar raises capital: new investment boosts total to $50 million.
Digital Retail Apps raises $1 million Canadian in round led by Texas Ventures.
Artificial intelligence innovator, Kensho boosts total capital to $58 million.
Mogl earns $8 million investment ahead of FinovateFall debut.
Payoneer pulls in $50 million.
Socure secures $2.3 million in debt financing.
StockViews raises $16,000 in seed investment
SumUp raises €10 million in round led by BBVA Ventures, Groupon, American Express.
Tio Networks raises $1.7 million in private placement.
New investment in Tyfone takes total capital to $12 million.
VATBox locks up $24 million growth equity investment.

Mergers & Acquisitions: FutureAdvisor acquired by BlackRock.

July

Platform-as-a-Service specialist Apprenda raises $24 million.
BankBazaar scores $60 million in funding led by Amazon.
Behalf closes $119 million Series B.
New investment for Dealstruck boosts lending capital to more than $100 million.
Expensify tallies up $17.5 million in funding to support its new fintech investment fund.
Fastacash secures $15 million in Series B investment.
Fenergo raises $75 million from Insight Venture Partners.
The next fintech unicorn: rumored $150 million heading to Kabbage.
A dash of good karma: Karmic Labs raises $5 million.
Malauzai raises $11 million in venture funding.
Nearex closes Series B funding.
Radius raises $50 million in round led by Founders Fund.
Realty Mogul builds $35 million in new funding.
Revolut launches to public, announces $2.3 million in funding.
ShopKeep rings up $60 million investment.
Twilio raises $130 million in Series E round.

June

Azimo lands $20 million Series B investment led by Frog Capital.
Bright Funds closes seed round with $1.8 million investment.
Cachet Financial Solutions completes $4.4 million private placement.
CashSentinel closes seed round of undisclosed amount.
New $175 million investment earns Credit Karma a $3.5 billion valuation.
Currency Cloud cooks up $18 million in new funding round.
Prairie Cloudware announces new round of investment.
Signifyd raises $7 million in Series A investment.
SumUp unveils new financing.

May

Actiance picks up $28 million from new and existing investors.
Bitcoin-based P2P lending platform Bitbond raises $670,000.
Credit Sesame raises $16 million in new funding.
EDO Interactive completes $20 million Series E round; names Badran CEO.
Feedzai announces more than $17 million in new funding.
FreeAgent to crowdfund $1.6 million funding round.
ItBit raises $25 million, earns New York State Trust Charter ahead of Finovate debut.
Kantox picks up $11 million in Series B, doubling total capital.
LendKey adds $8 million in venture debt; reaches $800 million in loans
PayItSimple receives $10 million line of credit.
Planwise raises $750,000; nearly doubling total capital.
Ripple Labs reels in $28 million, eyes Asia expansion.
Trizic raises $3 million in seed funding from Operative Capital.
Friction is good: Social network for credit innovator Vouch raises $6 million.
WePay closes $40 million Series D round led by FTV Capital.

Honorable mention: Zenefits raises $500 million (company founded by serial entrepreneur Parker Conrad, founder of alums SigFig and Wikinvest).

April

CurrencyFair springs $10.7 million more in funding.
Dealstruck raises $8 million in funding, $50 million for new credit facility.
Dream Payments raises $6 million in funding for mPOS technology.
eToro secures $12 million investment from Commerzbank.
EZBOB raises $45 million in new funding.
Interactions raises more than $9 million in new funding.
MoneyStream launches to public, receives $3.2 million in funding.
MX raises $30 million in Series A investment.
Patch of Land earns $23 million investment led by SF Capital Group.
PayNearMe raises $14.7 million in new financing..
Prosper pulls in $165 million in funding, boosting valuation to $1.9 billion.
SigFig brings on new advisory board members and $1 million in funding.
StockTwits earns $1.2 million investment.
Britain’s second largest mobile wallet, Yoyo, pulls $10 million in funding.
ZenPayroll raises $60 million in round led by Google Capital.

Mergers & Acquisitions: SaveUp purchased by Chicago-area entrepreneur, Paul J. Bart; Early Warning acquires Authentify

March

Advanced Merchant Payments pulls in undisclosed amount of funding.
Alt credit score startup, Aire, raises $1.1 million.
Ayasdi raises $55 million in Series C funding.
CoverHound raises $14 million in Series B.
ID.me raises $3 million in new venture debt funding.
Lendio raises $20 million in new funding to help finance small businesses.
Linkable Networks rakes in $11.7 million.
Q2 Holdings completes $116 million follow-on stock offering.
Yapstone closes $60 million debt financing deal.

Mergers & Acquisitions: Multi-Factor Authentication Specialist Toopher Acquired by Salesforce; ReadyforZero Acquired by Avant in cash and stock deal; printer-giant Lexmark to acquire Kofax for $1 billion; LearnVest acquired by Northwestern Mutual for more than $250 million.

February

AdviceGames raises $570,000 from Ibuildings.
Betterment raises a fresh $60 million in round led by Francisco Partners.
Bill.com raises $50 million, doubling total funding.
Finsphere lands $1.8 million, partners with Visa.
Micronotes receives $910k in funding.
Pindrop Security raises $35 million.
SecureKey raises $19 million in Series C.
Payments platform Mozido adds $2.5 million to SimplyTapp’s Series B round.
Xero raises $110 million from Accel Partners, Matrix Capital.

Mergers & Acquisitions: Samsung acquisition of LoopPay puts Apple Pay on notice.

January

App Annie reels in $63 million.
BlueVine grabs $18.5 million to increase small-business lending.
Bolstr raises $1.7 million in seed funding.
Coinbase raises $75 million from BBVA, USAA, NYSE, & others.
Global Debt Registry raises $7 million in Series A round.
Kofax raises $1.9 million in funding.
Kreditech secures $200 million line of credit.
LendingRobot pulls in $3 million to boost your Lending Club and Prosper portfolios.
Renren leads $40 million funding round for Motif Investing.
PeerTransfer secures $22 million in a round led by Bain Capital.
Ripple Labs raises $30 million in Series A round.
Spreedly raises $150,000 in new funding.
Taulia’s fresh $15 million will fuel international growth.
TransferWise raises $58 million in round led by Andreessen Horowitz.
TrueLink raises $3 million in round led by Cambia Health Solutions.

Mergers & Acquisitions: Akimbo Financial acquired by Payment Data Systems.

*New alum; funds raised prior to Finovate appearance.

Funding that companies received before they first appeared at Finovate was not counted in overall totals.

Questions? Comments? Email us at research@finovate.com.

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Linxo Raises €2 Million from Crédit Agricole

By David Penn Posted on January 22, 2016
Categories: Funding, Fundings, linxo

French PFM innovator Linxo (a FinovateEurope 2011 alum) has raised €2 million in funding from new investor Crédit Agricole, and existing investor Crédit Mutuel Arkéa. Having raised €500,000 in 2013, the company’s total capital now stands at more than $2.6 million.

The investment will help strenghten Linxo’s position in France, as well as fund the company’s expansion into other European markets. Linxo also plans to add talent to both its technical and communications teams.

From left: Co-founders Hugues Pisapia, managing director, and CEO Bruno Van Haetsdaele demonstrated the Linxo platform at FinovateEurope 2011.

Bruno Van Haetsdaele and Hugues Pisapia, Linxo co-founders, said the investment was a show of confidence in their platform. “These investors confirm our development while leaving us the independence and autonomy to continue to grow rapidly,” said Van Haetsdaele. The pair says the trust of leading banking players showed a strong signal of confidence in the security of Linxo’s solution and the sustainability of their business model.

Linxo specializes in personal finance management and savings-optimization solutions for consumers. It’s the first account-aggregation service supported by French FIs. More than simply aggregating accounts, Linxo has opened up its platform to application developers looking to build features such as partner dashboards, rewards and offers programs, and more.

Linxo demonstrated its platform at FinovateEurope 2011 in London. Founded in 2010 and headquartered in Aix-en-Provence, France, Linxo employs seven and says its platform has been used by more than 850,000 businesses and individuals.

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LendUp Raises $150 Million in Series B, Expanded Credit Facility

By David Penn Posted on January 21, 2016
Categories: Funding, Fundings, LendUp

San Francisco-based alternative lender LendUp has raised $150 million in a combined Series B funding round and expanded credit facility.

The Series B, which involved participation from “almost all” of LendUp’s existing investors, was led by Susa Ventures and Data Collective. Victory Park Capital participated in the investment, as well as providing LendUp with a second credit facility. According to LendUp CEO Sasha Orloff, the expanded credit facility will help the company provide new “national products” and reach more customers.

From left: LendUp Co-founder Sasha Orloff and CTO Jacob Rosenberg demonstrated their platform at FinovateSpring 2014.

Founded in 2011 and launched the following year, LendUp specializes in providing credit products to the millions of U.S. consumers who aren’t able to borrow from traditional banks. These products include the LendUp Ladder, an alternative to payday loans that helps borrowers rebuild their credit, and a new credit card business, the L Card, launched last year.

Named one of “30 Hot Fintech Startups to Watch” by Fox Business in June 2015, and earning a spot on AlwaysOn’s On Finance Top 100 in April 2015, LendUp demonstrated its platform at FinovateSpring 2014. The company has more than 130 employees and anticipates doubling staff by the end of the year.

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