Y Combinator-incubated payday loan disruptier LendUp has raised $14 million in new funding from Google Ventures, QED (a firm that includes the founder of Capital One and Data Collective. This brings the company’s total funding to over $18 million.
LendUp is attempting to redefine the payday lending, and make loan experience for the millions of unbanked Americans more fair and transparent. Rather than force Americans to turn to predatory lenders and banks, with their high interest rates, LendUp wants to give those looking for a speedy fix to a short-term financial need a way to borrow money without hidden fees, costly rollovers and high-interest rates.
At a basic level, LendUp is direct lender and has created a way to use small-dollar loans as an opportunity for consumers to build credit and move up the financial ladder. Consumers who have poor or no credit can apply for and receive small-dollar, short-term…
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