Payoff offers unsecured loans aimed at helping consumers, particularly millennials, pay off credit card debt. Its product includes content and 10-minute quizzes that assess users' financial “personality” and stress, which the company uses to engage customers. Loans range from $5,000 to $35,000 with two- to five-year terms, fixed APRs between 8% and 22%, and a one-time origination fee of 2%–5%. Payoff requires a minimum credit score of 660 and at least three years of credit history, and limits loan proceeds to paying off credit card debt. The company is based in Costa Mesa, California, has pursued partnerships such as with Moven, and says it hopes its content will help it evolve toward wealth management. To fund lending, Payoff secured up to $250 million in debt financing from Eaglewood Capital Management last summer. Payoff is a digital finance platform delivering products and services that help clients pay off debt and build wealth. The company focuses on refinancing high‑interest credit‑card balances so members can transition from paying interest to earning interest. Payoff applies behavioral science—led by chief scientist Dr. Galen Buckwalter and a team of psychologists, decision scientists, and neuroscientists—to help members better understand financial behavior and make improved financial decisions. A new Eaglewood loan‑purchase facility for up to $250 million over multiple years is intended to accelerate growth and fund refinancings for millions of U.S. consumers. Since inception Payoff has raised more than $300 million in combined equity and debt capital. Its investor base includes board members Mohamed El‑Erian and Joe Saunders, Chinese internet company Tencent, top‑tier venture firms, and other strategic backers. The company emphasizes consumer financial empowerment and aims to build profitable financial services by focusing on member outcomes. Payoff, Inc. is a Costa Mesa, California–based consumer-focused digital finance company founded in 2009. It offers the Payoff Loan™, a product designed to help consumers take control of and reduce credit card debt. Consumers complete an online application to find their Payoff Loan rate, and the company evaluates applicants and presents offers to qualified borrowers. If approved, Payoff electronically deposits money into a designated bank account so clients can use the funds to pay off credit card balances. The company is backed by institutional and angel investors and maintains a board that includes high-profile finance and media figures. Arkadi Kuhlmann, founder and CEO of Zenbanx, joined the board following his investment. Payoff.com, started in 2009, offers a platform that blends serious personal finance management tools with game dynamics to help users achieve goals like saving for a trip or paying off credit card debt. Users begin by setting goals and linking financial accounts so Payoff.com can track progress and monitor spending. The service uses positive reinforcement — including badges and cash prizes from Payoff.com or sponsors — alongside tools and blog content to motivate behavior change. It also encourages users to share achievements via social networking services. The company announced it raised $2 million in a round led by Anthemis Group, Firstmark Capital and Great Oaks Venture Capital, with several individual Wall Street investors participating. The startup has now raised $5.8 million in total.

Total raised

$299M

Funding rounds

4

Latest round

Equity

Latest activity

Jun 2016