LendingUSA picks up $200m to keep expanding its business

Point-of-sale financing provider LendingUSA has closed a new credit facility and received a total financing package of up to $200m from Atalaya Capital Management. 

The privately held investment advisory firm based out of New York previously backed LendingUSA back in 2019 with a $250m investment.

LendingUSA will use the money to keep expanding its business and development of new products.

The FinTech has over 10,000 merchant clients across the US and has processed over $2bn billion in borrower loan requests to date.

“At LendingUSA, we are continuing to stay true to our mission of providing smart financing solutions for the important moments in life,” said Camilo Concha, founder and CEO of LendingUSA. “Atalaya’s latest investment commitment shows the enduring strength of our partnership and their continued support to the growth of our business.”

Raymond Chan, partner at Atalaya Capital Management, added, “We are excited to expand upon our long-term partnership with LendingUSA. This financing allows LendingUSA to continue growing and further demonstrates Atalaya’s commitment to the point-of-sale financing industry.”

The news follows from LendingUSA’s announcement in May that it had developed a new instant ID verification feature to improve identity security for borrowers.

Atalaya Capital Management has also backed companies like credit provider CURO and PropTech venture Point in the past.

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