SAN FRANCISCO, CA, Credible, a startup providing an exchange for student and personal loans, raised $10 million led by Regal Funds Management.
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Credible (credible.com), the multi-lender marketplace for student loans, student loan refinancing and personal loans, has completed a new round of funding to accelerate the development of technology that leverages data to help millennials make smarter financial decisions.
The $10 million Series B funding round was led by Regal Funds Management, with participation from existing investors including Ron Suber and Carthona Capital.
The investment follows 12 months of rapid growth following the launch of LenderExpress, an intelligent pre-qualification engine that allows borrowers to see the actual rates they'll qualify for from multiple lenders, in real time. Uniquely and importantly, the process does not impact a borrower's credit score, and gives consumers control over when their data is shared with lenders.
'Lenders who have integrated with Credible share the company's consumer-centric values and should be congratulated for their foresight,' said Suber, president of Prosper Marketplace. 'The funded loan growth Credible has delivered over the last 12 months has been very impressive.'
Credible Founder and CEO Stephen Dash said the new funding round will allow the company to continue to deliver on rapid product innovation, with a relentless focus on the needs of consumers.
'We're continuing to make meaningful investments in providing our customers with a really simple way to make optimal financial decisions,' Dash said. 'We've built a unique core technology that is flexible, has vast applications, and has been extremely well received by both borrowers and lenders.'
More than 85,000 people qualified for loan offers through Credible in 2016.
As a multi-lender marketplace that allows borrowers to receive competitive loan offers from its vetted lenders, Credible empowers consumers to take control of their finances. After answering a few questions about themselves, consumers can receive rates without affecting their credit score or sharing their personal information with lenders until they're ready to proceed with an offer.
Credible is fiercely independent and committed to delivering fair and unbiased financial solutions for millennials.