The round was led by an unnamed investor, with additional participation from Accel, Aspect Ventures, Pelion Ventures, Mission Holdings, Alumni Venture Group, and GDP Venture.
The company will use the funding to scale its platform and infrastructure as it targets 40 million college students and young adults in the US with its credit offerings.
According to Experian, Generation Z accounts for 25% of the US population and is projected to make up 40% of consumers by 2020. Moreover, members of Generation Z are more likely to pay off their monthly balances, and have higher average credit scores, than millennials aged 21-27.
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