Applied Data Finance has raised a fresh $6.5m in convertible notes from its new and existing investors.
The San Diego and New York-based company is also extending its existing credit facility with Victory Park Capital from $50m to $75m through to 2021.
Applied Data Finance aims to offer financing to underestimated and under-banked consumers through its Personify Financial online lending platform.
It makes use of data science and machine learning to assess non-prime borrowers’ credit risk.
Company founder and co-CEO Krishna Gopinathan commented: “Victory Park has been a great partner for us, and we are pleased to renew and extend our relationship.
“This news, combined with the additional capital raised through the convertible note round will further strengthen our ability to serve the under-banked.”
Applied Data Finance previously raised an undisclosed seed round from Fenway Summer Ventures in August 2015 and will use the new capital to continue scaling Personify Financial.
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