Pave, the online lending platform, announced on Tuesday that it has raised a total of $8 million during its Series A funding round, which was led by Maxfield Capital.
As previously reported, Pave is targeting Millennials who are old enough to be establishing a solid career but perhaps not aged enough to get a reasonable interest rate on a loan. Oren Bass, Pave’s CEO and the person who came up with the idea for the site, believed his generation has been unable to access capital needed to accelerate their professional growth. Even though they have great potential. Rates on Pave start at 6% today.
Alexander Turkot, founder and partner of Maxfield Capital, shared:
“We are excited to support Pave’s growth and their unique, personalized approach to underwriting and responsible lending. Their multi-disciplined management team is tackling a compelling market opportunity, with a distinct product that has clear benefits to individuals and investors. We are excited to work with the talented team.”
Oren Bass, CEO and co-founder of Pave, added:
“Over the past year, we have been building a platform that empowers borrowers, even those with limited credit histories, to advance themselves by securing the financial resources they need. There are many creditworthy individuals that have not been treated fairly by the financial system and we solve that problem by looking at the complete picture of an individual, including their potential. With this investment we are in a great position to grow our team, and most importantly, expand lending to overlooked borrowers.”
Pave previously secured $300 million to fund the origination of loans on its platform in December 2015.