Type Private Products Loans and credit cards CEO Sasha Orloff (2012–) Founded 2012 | Industry Lending Website www.lendup.com Headquarters San Francisco | |
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Key people Sasha Orloff CEO and co-founderJake Rosenberg, CTO and co-founder | ||
The fintech revolution banking on the future lightning talk with sasha orloff lendup
LendUp is a direct online lender that provides loans and credit cards, as well as financial education, access to credit reporting and gamification for responsible lending behavior.
LendUp loans to customers that banks usually decline, giving borrowers with poor credit scores access to credit cards and short term loans without hidden fees, rollovers, and high interest rates.
LendUp graduated out of the Y Combinator batch of 2012. It has received $325 million in equity and debt financing from Kleiner Perkins Caufield & Byers, Google Ventures and Andreessen Horowitz, among others.
In August, 2016 LendUp announced its Series C round of equity, led by Y Combinator.
In September 2016 Lendup was fined by the Consumer Financial Protection Bureau and a California state regulator over widespread violations of payday- and installment-lending laws and agreed to pay over $6 million in penalties. The CFPB found that the company didn’t give consumers the opportunity to build credit or access to cheaper loans, as it had claimed it would.
In March, 2017, LendUp announced it received a $100 million credit facility from Victory Park Capital and surpassed $1 billion in loan originations.