Millennial-Focused Lender Secures $300 Million in Financing

Millennial-Focused Lender Secures $300 Million in Financing

December 23, 2015         Written By Natalie Rutledge

Pave, an online lending platform targeting Millennials, announced Friday that Seer Capital had agreed to invest up to $300 million in the company. Pave, which was founded in 2012, plans to use these additional funds to expand operations across the United States in 2016.

“We’ve worked tirelessly on behalf of the many thousands of highly motivated, capable people who are being overlooked and mispriced by the current financial system,” said Oren Bass, CEO and Co-Founder of Pave. “This new financing, coming just five months after the company’s nationwide launch, is a huge vote of confidence in our mission and abilities, and gives us the appropriate means to provide worthy individuals with the financial resources they need.”

Instead of focusing on FICO scores like a traditional lender, Pave looks at a number of other factors to help those who have a limited credit history. Typically, borrowers can receive loans of $3,000 to $25,000 with an APR starting at 6.5%. Loan terms are generally two to three years.

Many Pave borrowers use the money to refinance credit card debt or enroll in skills-based professional education courses to advance their careers.

“We are extremely excited to kick off the new year with the proper backing and resources to develop a host of tailored financing options for borrowers with great potential,” Bass said.



The information contained within this article was accurate as of December 23, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


natalierutledge

About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at natalie@lowcards.com
View all posts by Natalie Rutledge
Top Features : 2X miles on every purchase; bonus of 50,000 miles once $3,000 is spent in first 3 months
Top Features : $200 bonus after spending $1,000 in first 90 days; no annual fee
Top Features : 1.5 points per $1 spent; no annual fee; 25,000 bonus points after spending $1,000 in first 90 days
Top Features : No Annual Fee, Bonus Offer, Cash Back
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months