Marketplace lenders dominated the FinTech venture capital rounds last week. Money has been pouring into the space as investors hunt desperately for returns.
American companies continued their resurgence in the Top 5, with three companies based in New York, California, and Georgia garnering money.
- LiftForward, Inc., $250 Million – LiftForward operates a marketplace loan platform which provides loans to small businesses and high-yield debt products to investors. Based in New York, LiftForward’s goal is to “bring back the ability for small businesses to get loans to fuel their growth” after the 2008 economic recession. LiftForward raised its $250 million in capital through debt financing.
- Kabbage, $120 Million – Kabbage is a leader in the marketplace lending space, and has a particular focus on small businesses. In 2014 the company, based in Atlanta, Georgia, expanded to include a personal loan service called Karrot based on the same technology and service. Kabbage received $120 million during its recent Series E round from BlueRun Ventures, Santander UK, Thomvest Ventures, and the UPS Strategic Enterprise Fund.