LendUp, a socially responsible online lender on a mission to redefine financial services for the emerging middle class, announced on Thursday it received a strategic undisclosed sum investment from PayPal. While sharing details about the investment, Sasha Orloff, LendUp co-founder and CEO, stated:
“PayPal has long been considered at the forefront of fintech innovation, reinventing payments for the modern world. They’ve since built one of the most successful fintech companies of all time. We share a common vision of how technology can democratize industries, and that’s exactly what LendUp is doing. We’re building our own technology to create new financial products and experience for the 56 percent of Americans shut out of mainstream banking due to poor credit or income volatility – right on a mobile phone. We’re thrilled to count PayPal among our esteemed investors, and look forward leveraging their insights as we continue to build a milt-product company.”
LendUp went on to also announce it has appointed Metromile CFO, Carrie Dolan, as its new board advisor. Prior to joining Metromile, Dolan served as the founding CFO of Lending Club, where she managed the company’s IPO. She revealed:
I’m thrilled to become a board advisor to LendUp. I’m impressed with the company’s dedication to the mission of expanding credit access, lowering the cost of credit and improving financial health for people who need it most. I’m confident that my experience can help them as they evolve from a fast growing startup into the industry leader, defining a new category of purpose-driven fintech.”
Orloff then added:
“Carrie is so well-respected as a highly ethical leader and strategic thinker, and I couldn’t be move excited for LendUp to benefit from her experience as the founding CFO of Lending Club and from leading one of the largest tech IPOs ever.”