LendingUSA, a U.S.-based fintech lender that provides loans to small businesses ranging from $1000 to $35,000, announced on Thursday it secured a $200 million investment commitment from Atalaya Capital Management, a New York-based privately held investment advisory firm.
As previously reported, LendingUSA specializes in point of need and direct-to-consumer financing solutions for the elective medical industry, dental care, pets, pet care, consumer goods and services, etc. It also powers a proprietary network of websites that provide thousands of personal loans each month to meet a variety of needs.
“Since its inception, LendingUSA has grown to over 10,000 merchant clients nationwide and has processed over $2 billion in borrower loan requests. LendingUSA offers its merchants access to its easy-to-use platform that allows them to complete applications in a matter of minutes and receive loan decisions within seconds.”
The investment comes just a little over a year after sources revealed to Crowdfund Insider that LendingUSA was letting go of employees. LendingUSA notably received capital from a variety of sources but it appears the firings are related to their relationship with Direct Lending Investments (DLI). The new investment also follows Atalaya’s previous investment of $250 Million in 2019. Speaking about the investment, Camilo Concha, Founder and CEO of LendingUSA, stated:
“Atalaya’s latest investment commitment shows the enduring strength of our partnership and their continued support to the growth of our business.”
Raymond Chan, a Partner at Atalaya Capital Management., went on to add:
“This financing allows LendingUSA to continue growing and further demonstrates Atalaya’s commitment to the point-of-sale financing industry.”