LendUp

LendUp has secured a new $100 million credit facility from Victory Park Capital bringing its total financing to $325 million; the firm has also announced a new lending milestone, with loan originations surpassing $1 billion from more than 3.3 million loans; the firm was launched in 2012 and seeks to support the emerging middle class through lending and financial education.  Source

Consumer demographics are changing with more volatile income, and less interest and access to traditional banking products; LendUp has been working to provide a broader array of solutions for an underserved demographic of consumers and the fintech company has reported a number of successes; it has originated over $1 billion from more than 3.3 million loans; success for the company has come from offering innovative and diverse solutions paired with educational support; examples include graduated credit products that help customers migrate from a $250 emergency loan to a $1,000 installment loan to a $300-$500 low-balance credit card; the firm has integrated initiatives that improve credit availability for on time payments and credit management classes, also reporting $55 million in savings for customers.  Source