LoanHero offers a merchant-facing technology platform with a streamlined application process and an analytics dashboard that enables customers to access financing at the point of sale. Launched in April 2015 by Steve Connolly (CEO) and Derek Barclay (President), the company serves purchases including furniture, home improvement, auto repair and elective healthcare. In a controlled rollout to five states and roughly 100 merchant partner locations, LoanHero has made thousands of loans to prime, mid-prime and sub-prime consumers. The company secured an additional $2.5M in seed funding and has raised $4.2M in total to date. LoanHero plans to use the proceeds to expand its service nationwide and to scale lending across multiple verticals over 2016. LoanHero operates a loan origination platform that provides financing options for consumers purchasing furniture, home improvement, auto repair and elective healthcare. The platform integrates strategic lending partners with a balance sheet/marketplace lending structure to offer instant-decision software and tailored loan products for each credit level. It partners with credit unions and marketplace lenders to provide prime borrowers with low, fixed interest rates. The company has offices at San Diego’s tech incubator, EvoNexus. Leadership includes Derek Barclay and Kristin Slink, with Steve Connolly serving as CEO. The business plans to use its recently secured debt facility to finance consumer loans and expand lending capacity.

Total raised

$24M

Funding rounds

3

Latest round

Seed

Latest activity

Jan 2016