LendUp, a socially responsible lender for the emerging middle class, has closed USD 100 million credit facility with an investment firm (VPC) Victory Park Capital.
LendUp said that the credit facility will fund the future loan growth. The new credit brings LendUp’s total debt financing and equity to USD 325 million. It also announced that it has surpassed USD 1 billion in loan originations and originated more than 3.3 million loans since its inception in 2012.
“This is an important milestone for LendUp because it proves the viability and sustainability of the market opportunity for socially responsible lending,” Sasha Orloff, CEO and Co-founder, LendUp in a press release.
“I’m proud that our business growth and customer loyalty, combined with the continued confidence of our investors, proves that we’re well-positioned to help borrowers improve their financial health and lead better lives. We look forward to continuing to build upon our success,” he added.
The firm offers technology-enabled credit cards and loans that are backed by the financial education and an aim of improving the credit.
LendUp has saved borrowers more than USD 55 million in interest and fees in 2016, compared to USD 16 million in 2015. Moreover, LendUp’s free credit education videos have been viewed more than 1.2 million times.
According to LendUp’s own research, 70 percent of customers’ monthly income fluctuates, while one-third reported income variations of more than USD 200 per month.
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