LoanHero, a San Diego fintech startup, has received $1.7 million in seed funding and secured $20 million in debt financing for its platform that makes it easier for shoppers to get in-store loans.
The debt facility will be used to finance certain consumer loans at point of sale – or inside the store. LoanHero Chief Executive Steve Connolly said the company is focused for now on the furniture, car repair, home improvement, alternative medicine and pet retail sectors. “You buy a $3,000 English bulldog and we’ll finance it,” said Connolly, a former banker and executive at GE Capital. The company, a recent graduate of the EvoNexus incubator program, declined to name its investors. But it did say the seed round was led by a New York-based investment partnership focused on early stage financial technology startups and included multiple local and national angel investors.