Upstart — which offers loans online — announced it has raised $32.5 million, led by Rakuten, a global leader in internet services and global innovation headquartered in Japan, and by a large US-based asset manager not named. Existing investors Third Point Ventures, Khosla Ventures, and First Round Capital also participated. Oskar Mielczarek de la Miel, Managing Partner of the Rakuten FinTech Fund, is joining Upstart’s Board of Directors.
The company says it has originated more than 50,000 loans. It was the first to launch next-day funding in 2014 and says more than 20% of its loans are fully automated.
Upstart plans to originate more than $1 billion in loans in 2017.
The company is based in San Carlos, CA.