LendUp
FintechUSAClosed 2022
Total Raised
$115M
Peak Valuation
Undisclosed
Employees
—
Year Collapsed
2022
Business model
Alternative credit-building loans and cards for underbanked consumers.
In brief
Marketed itself as a responsible alternative to payday lending, building a "credit ladder" for underbanked consumers. Multiple enforcement actions from the CFPB over deceptive practices and a decade of thin margins on small-dollar lending led it to wind down consumer lending oper…
See the What Happened tab for the full account.
Key facts
- Founded
- 2012
- Closed
- 2022
- Headquarters
- Oakland, USA
- Industry
- Fintech
- Employees
- —
- Revenue
- Undisclosed
- Founders
- Sasha Orloff, Jake Rosenberg
Related failures
Wonga
2006–2018Fintech · UK
Legal / regulatory$150MTally
2015–2024Fintech · USA
Ran out of funding$172MSynapse Financial Technologies
2014–2024Fintech · USA
Ran out of funding$50MSimple
2009–2021Fintech · USA
Competitive pressure$32MCushion
2016–2024Fintech · USA
Ran out of funding$21.6MDaylight
2020–2023Fintech · USA
Ran out of funding$20M
Often compared with: Chime, Credit Karma.