Online Lender Pave Raises $8 Million In Series A Funding
New York-based startup Pave, the online lending platform that is re-inventing borrowing for the Millennial generation, today announced it has completed an $8 million Series A round of equity investment. The round was led by Maxfield Capital with participation from existing investors and will enable Pave to expand its innovative financing program to help more, and often underserved, individuals achieve their financial and personal goals.
“We are excited to support Pave’s growth and their unique, personalized approach to underwriting and responsible lending,” Alexander Turkot, Founder and Partner of Maxfield Capital said. “Their multi-disciplined management team is tackling a compelling market opportunity, with a distinct product that has clear benefits to individuals and investors. We are excited to work with the talented team.”
By considering more than a traditional FICO score, Pave’s holistic approach to lending provides individuals, particularly those with limited credit histories, access to loans at better rates than traditional sources. Through Pave, borrowers may receive loans up to $25,000 with annual percentage rates starting at 6 percent, payable over a term of two or three years.
