California based fintech startup Payoff secured $46.7m in Series C funding. The startup helps millennials pay off their credit card debt, educates consumers on their financial "personality" and provides two to five year loans as well. Payoff is also looking into the world of wealth management to guide and assist its consumers into better investment strategies down the loan.
The online lending industry has been hard hit in 2016. As Todd Baker, a consultant to the financial services industry, recently told us, it took just one “blip” in the capital markets last summer for the banks, hedge funds and other institutions that have providing online lenders their capital to grow nervous about risk. When those lenders couldn’t give them better rates on loan sales while staying profitable, these investors “started looking for greener pastures,” noted Baker, adding that “Wall Street walks when it gets nervous.”