LendUp (YC W12) Raises $50 Million To Disrupt Payday Lending

by Y Combinator4/30/2014

Congrats, LendUp! 

Y Combinator-incubated payday loan disruptor LendUp has raised a $50 million credit debt facility from Victory Park Capital. This adds to the $18 million in equity funding LendUp has raised from investors including Google Ventures, Data Collective, QED and others.

LendUp wants to redefine payday lending and make the loan experience for the millions of unbanked Americans more fair and transparent. Rather than force Americans to turn to predatory lenders and banks, with their high interest rates, LendUp wants to give those looking for a speedy fix to a short-term financial need a way to borrow money without hidden fees, costly rollovers and high interest rates.

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  • Y Combinator

    Y Combinator created a new model for funding early stage startups. Twice a year we invest a small amount of money ($150k) in a large number of startups (recently 200). The startups move to Silicon