PayPal invests in LendUp
29 June 2017 | 6278 views | 0
PayPal has made a strategic investment in LendUp, an online lender targeting Americans that are generally considered too risky by traditional banks. Terms of the deal were not disclosed.
Founded in 2012, LendUp uses technology and data to bringing lending to the millions of Americans it says are part of the "emerging middle class" that traditional providers ignore.
Sasha Orloff, CEO, LendUp, says: "We're building our own technology to create new financial products and experiences for the 56% of Americans shut out of mainstream banking due to poor credit or income volatility - right on a mobile phone.
"We're thrilled to count PayPal among our esteemed investors, and look forward to leveraging their insights as we continue to build a multi-product company."
LendUp has also added former LendingClub CFO Carrie Dolan as a board advisor and beefed up its management team with former PayPal staffer Mandeep Walia, ex-Lending Club exec Jordan Olivier, and PwC and Schwab veteran Karry Bryan.
Says Dolan: "I'm thrilled to become a board advisor to LendUp. I'm impressed with the company's dedication to the mission of expanding credit access, lowering the cost of credit and improving financial health for people who need it most."