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San Francisco-based direct lender LendUp has secured $150m in Series B funding led by Google Ventures and SV Angel. Structured as an equity and debt funding, the infusion is notable because it shows a growing interest in the business of lending to non-prime borrowers, who have been largely anathema following the financial crisis, which was sparked by bad subprime loans.
“We currently have over 130 employees, up from just 40 at the end of 2014, and it’s entirely possible we’ll double our staff by the end of 2016,” added Hector Selberis, LendUp’s head of talent. “This raise allows us to continue our rapid growth by hiring even smarter, mission-aligned people who want to make a positive impact on the world while solving complex finance and software problems.”
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