Costa Mesa CA based online lender Payoff has raised $46.7M as part of a round expected to close at $67.4M. Payoff is focused on helping millienials refinance their credit card debt. Its loans are backed by $250M in debt financing provided by Eaglewood Capital Management. Payoff targets millennials seemingly, with 10-minute-long quizzes to help users understand their financial “personality,” understand what their overall financial picture looks like, and assess how much finance-related stress is impacting them.
Payoff, a 7.5-year-old Costa Mesa, Ca., startup that makes loans for people looking to pay off credit card debt, has just raised a bunch of money and it’s looking to raise even more. According to a new SEC filing, the company has raised $46.7 million as part of a round expected to close at $67.4 million. The company had previously raised $38.4 million from investors, including FirstMark Capital, Great Oaks Venture Capital, and Anthemis Group.