PayPal has invested in online lender Lendup
Payments giant PayPal has invested in online lender Lendup. Carrie Dolan, former Lending Club and Charles Schwab exec set to join as board advisor.
PayPal has invested in online lender Lendup which specializes in providing loans to borrowers who have been unable to secure credit from traditional sources like banks and credit unions.
The company’s mission is to redefine financial services for the emerging middle class, the 56% of Americans who are currently shut out of mainstream banking due to poor credit or income volatility.
LendUp offers a suite of solutions to more than 131 million Americans such as short-term credit for as much as $500 and a no security deposit credit card which has an annual fee between $0 and $60.
In addition to the investment news, LendUp announced that Carrie Dolan will become a board advisor. Dolan has a successful financial career spanning more than 25 years and a proven track record of scaling high-growth consumer brands. She was previously CFO of Lending Club, managing the company’s IPO in 2014. Before Lending Club, Carrie was Treasurer for The Charles Schwab Corporation and CFO of Schwab Bank, which she helped launch in 2003.
“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,” said Dolan.
Commenting on PayPal’s strategic investment, LendUp CEO & Co-Founder, Sasha Orloff, stated,
“PayPal has long been considered at the forefront of fintech innovation, reinventing payments for the modern world. They’ve since built one of the most successful fintech companies of all time.”
“We share a common vision of how technology can democratize industries, and that’s exactly what LendUp is doing. We’re building our own technology to create new financial products and experiences for the 56 percent 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,” he continued.
More here [prnewswire]