LendKey closed an $8M venture debt line from Silicon Valley Bank. The company's lending platform connects borrowers with credit unions and banks. LendKey has deployed $800M in loans to over 35,000 borrowers and raised an additional $125M commitment from its network of lenders. These milestones follow recent announcements of a $1B commitment from MidCap Financial, and a partnership with Navy Federal, the world's largest credit union.
LendKey announced a number of major milestones this week. In addition to securing an $8 million venture debt line from Silicon Valley Bank, the lending-as-a-service innovator reached $800 million in loans deployed to more than 35,000 borrowers, and won a commitment of $125 million from its own lending network of more than 300 credit unions and banks. Founder and CEO of LendKey Vince Passione pointed to the way his company served as the bridge between traditional lenders and the opportunities in online ending. “With our technology, community financial institutions can succeed in the $3.2 trillion consumer lending market, offering increased choice, transparency, lower rates, and a seamless digital experience,” Passione said.