SAN FRANCISCO, June 21, 2018 /PRNewswire/ -- LendUp, the fast-growing fintech firm for the emerging middle class, today announced Capital One co-founder Nigel Morris joined as board chair, and Frank Rotman, an early Capital One employee and its longtime chief credit officer, joined as board member. Morris and Rotman are founders of QED Investors, a leading venture capital firm and LendUp investor.
As LendUp continues to scale, it will benefit from the addition of Morris and Rotman to its board. During Morris' and Rotman's tenure with Capital One, the company grew from an innovative startup to an admired public company valued at over $20 billion. Using advanced statistical marketing and underwriting techniques, Capital One extended credit to overlooked consumers, reduced the cost of credit, and transformed the credit industry. Now, as founders of QED Investors, the duo and their team support high-growth businesses. Beyond LendUp, the firm has invested in ClearScore, Credit Karma, GreenSky, SoFi, Zopa, and many others.
Morris and Rotman join Blake Byers of GV (formerly Google Ventures) and board advisors and observers including Ali Rowghani, former CFO/COO of Twitter and Pixar CFO; and Carrie Dolan, former LendingClub CFO and Schwab Bank Treasurer.
"Our vision is to be the financial services partner to the more than half of Americans with low credit scores, who've been shut out of or mistreated by mainstream banking," said Sasha Orloff, co-founder and CEO of LendUp. "We've built an exceptional fintech team, and having Nigel and Frank on LendUp's board is a testament to our track record in category-leading products, machine learning, software, and customer satisfaction -- as well as our potential. Nigel and Frank are the original credit disruptors, and Blake, through GV, brings the best of technology and mobile. Together, they are in a class of their own and give us an an incredibly powerful advantage as we build an iconic brand."
"Too many Americans simply can't access products that are fair, transparent, and enable them to manage their busy lives. LendUp is a truly special company that has diligently developed products to meet this need. The opportunity is huge, the need is great, and LendUp has the team and technology to do it," said Morris.
"LendUp is filling an important gap in the financial services market," said Rotman. "I'm impressed on a number of fronts -- from the team's nimbleness and discipline, to its tech stack and ability to test data sources. It's a well managed company, addressing a vast, underserved market. I'm confident LendUp can simultaneously build a big, profitable franchise while continuing to delight customers."
LendUp markets two Visa credit cards it designed in-house to meet the needs of today's mobile lifestyle -- the Arrow Card, issued by TAB Bank, and the L Card, issued by Beneficial State Bank. Both have enviable "Cardholder Choice" designations on Credit Karma. In the past 12 months, LendUp has more than quadrupled its credit cardholder growth, exceeding original projections and originated nearly five million loans.
LendUp is a fintech company redefining financial services for the emerging middle class — the half of Americans shut out of, or mistreated by, mainstream banking. By building proprietary software and using machine learning, Lendup looks beyond credit scores to offer credit and savings products to the more than 130 million Americans who are rebuilding their credit or just starting out. Named one of the "World's Most Innovative Companies" in 2018 by Fast Company, LendUp is backed by more than $325 million in funding from leading investors such as Y Combinator, GV, PayPal, QED, and many others. With a mission to help anyone get on a path to better financial health, LendUp is creating a first-of-its-kind destination for responsible spenders, savers, and strivers.