Online lending and credit startup LendUp has raised $47.5m in a Series C round led by Y Combinator’s Continuity growth fund.
The California startup aims to challenge pay-day loans with quick online applications, as well as improve users’ financial education. LendUp also offers a credit card with a more-flexible payback structure than usually offered by banks.
The round also reportedly saw investment from existing backer GV (formerly Google Ventures), as well as Thomvest Ventures, QED Investors, Data Collective, Susa Ventures, Radicle Impact, Bronze Investments, SV Angel and angel investors.
The investment takes the total raised by LendUp to $111.5m and reportedly values the startup at $500m.
LendUp says it will use the capital to roll out its L Card credit card offering to more subprime borrowers who might not normally be able to receive cards from traditional banks.
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