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San Francisco based provider of a social bonds program, which enables banks and other financial institutions to invest in loans to low-income individuals, has raised $28.7m in residual debt financing from Angel Island Capital.
“Aura will use this expansion loan to scale and expand into new markets,” said James Gutierrez, CEO of Aura. “Aura has received more than 1 million applications for our loans, and this number grows every day. By partnering with AIC, we can keep up with the demand and help fulfill our mission of providing affordable loans to millions of families in America.” “Aura has created a unique model to target a niche lending market through their innovative approach and data-driven platform. By leveraging proprietary analytics, Aura provides loans at scale with a high degree of confidence to borrowers with limited or no credit histories,” said Dev Gopalan, CEO of Angel Island Capital. “We’re pleased to partner with Aura to support their growth as they provide fair and accessible loans to even more families.”
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