The Series B equity portion of USD 35 million is being led by Lightrock, with previous backers Picus Capital and Global Founders Capital also participating. The remaining USD 115 million is coming in the form of debt from Goldman Sachs and GGC.
Selina plans to use the funding to continue expanding its business in the UK before considering how to tackle other markets in Europe; and to launch more products around its loans business, including a credit card that it will launch in 2022, which will draw down funds from a customer’s loan to make the funds more accessible.
In July 2020, Selina was breaking new ground in the UK and had just raised USD 53 million to provide its HELOC service to SMBs, not individual consumers.
Selina typically is crunching a mixture of its own data and that of third parties to determine a person’s eligibility for a loan and to run different aspects of the business, and that data science creates another barrier to entry for others to compete.
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