Los Angeles based online lender Float has raised $3m in Angel Funding from backers Camp One Ventures, Funders Club and 500 startups. Float offers instant access to small dollar credit lines.
The company intends to use the funds for product development, marketing and build strategic partnerships to expand nationally. Led by Max Klein, co-founder and chief executive officer, Float is a data-driven technology company that enables emerging credit consumers to prove their creditworthiness through personalized underwriting and provides them with an affordable credit alternative. By leveraging machine learning and transactional data, the platform has developed alternative, non-FICO based underwriting that can make personalized credit decisions quickly, and deliver micro-credit lines that can be used with existing debit cards.