Credit card startup Mission Lane raises USD 500 mln in financing

Tuesday 17 September 2019 14:03 CET | News

After separating from LendUp, the credit card startup Mission Lane has secured USD 500 million in equity and debt financing.

Mission Lane is a purpose-driven credit card startup that leverages advanced technology, data analytics, and machine learning to provide a streamlined customer experience to people who want to build or rebuild their credit.

Mission Lane separated from LendUp in December 2018 with the goal of providing credit cards with easier-to-understand terms to consumers whose options are limited because of their lower credit scores.

Mission Lane says it has raised a Series A investment of USD 200 million in equity from Invus Opportunities, LL Funds LLC, QED Investors, and funds managed by Oaktree Capital Management LP. This capital will be used to scale the company so that it can help more of the estimated 100 million people in the US who have lower credit scores or who have yet to build the credit history necessary to receive a score.

The company has also secured a new USD 300 million debt facility provided by Goldman Sachs and Oaktree.

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Keywords: US, credit card, startup, Mission Lane, LendUp, investment, data analytics, machine learning, customer experience, cards
Countries: World

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