Pay day lending alternative platform LendUp announced it received a new round of funding led by Google Ventures.
The company’s value proposition is to lend up to $250 for up to 30 days letting its customers select the re-payment date so it’s not necessarily linked to the pay day itself nor debited automatically from users’ paychecks.
The other advantage they offer is to actually approve borrowers loans in minutes and even depositing the money into customers’ accounts immediately.
But the best part of the company’s service is their focus to help users build their credit with their “LendUp Ladder” where customers get bigger loans as they show their good track records and this information is submitted to national credit bureaus.
In this Interview Sasha Orloff, LendUp’s co-founder and CEO, talks about the new funding round and the plans for the near future.
We spoke about:
– The $14 million round and the investors: Google Ventures, QED, and Data Collective.
– Recap: What is LendUp?
– How does the service help borrowers build credit?
– How will the new money raised be used?
– Expanding nationally?
Please watch the video below: