LendUp using investment to spin off credit card unit

Jan. 11, 2019

LendUp, a San Francisco-based fintech company, has received an investment from LL Funds, Invus Opportunities and QED Investors as part of a restructuring plan to spin off its credit card business into a firm called Mission Lane.

The amount was not disclosed.

Anu Shultes, general manager of LendUp Loans, and a veteran financial service and subprime specialist, will serve as CEO of LendUp and will also become a board member, according to the company.

LendUp co-founder and CEO Sasha Orloff will step down from that position but remain with the company as a board member and an adviser to Mission Lane.

"Anu brings the perfect combination of background, skills and vision to her role as CEO," Orloff said in the announcement. "She's an absolutely fearless leader, and she's the right person to shepherd LendUp through its next stage."

LendUp will focus on personal loans, gamified education and savings as a stand-alone company while the credit card business will look to build on the company's Arrow Card and L Card,

Vijesh Iyer, the former chief operating officer of LendUp, will serve as the interim CEO of Mission Lne, until a permanent CEO is found. Prior to joining the company in 2015, he worked 18 years in the industry, including stints at Cerberus Capital, Capital One and PayPal.

Raj Mundy, of LL Funds and former executive vice president of HSBC's U.S. bank cards business, and Ben Tsai of Invus Opportunities, will join the board at Mission Lane.

 

Topics: Financial News, Mobile Banking

Companies: LendUp

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