LendUp Secures New Financing From PayPal

Fintech startup LendUp announced it has closed a new round of financing from PayPal.

LendUp’s mission is to provide anyone with paths to better financial health. The company builds technology, credit products, and educational experiences for the 55 percent of the U.S. population that is shut out of mainstream banking because of poor credit or volatile incomes.

LendUp offers several types of credit products, including loans and credit cards. The company also embeds education and credit-building opportunities into its products to help borrowers improve their long-term financial health and break out of vicious debt cycles.

LendUp was founded in 2011 by two stepbrothers: CEO Sasha Orloff, who previously worked at Citi, World Bank, and Grameen Bank; and CTO Jake Rosenberg, who was a platform CTO at Zynga and before that began working at Yahoo! at age 16 as employee number 80.

In its announcement, the company said it is launching a series of additions and promotions within its management team along with the financing.