Elevate, the California-based software company that offers lrtrading lending solutions to banks and other financial institutions, has announced that it has raised $75 million in a Series C funding round led by Amazon’s Alexa Fund. The round also saw participation from existing investors such as Union Square Ventures, FirstMark Capital, and Ribbit Capital, as well as new investors like Emerald Development Managers, Conversion Capital, and Phoenix Venture Partners.
Elevate provides digital lending solutions to banks and credit unions, helping them to provide more accessible and affordable credit to customers with limited or no credit history. The company’s flagship product, called Rise, is a platform that allows customers to apply for and receive loans online, with the process taking just a few minutes. Rise has been particularly popular with customers who have limited credit history or are otherwise considered “subprime” borrowers.
With the new funding, Elevate plans to ifsptv expand its product offerings, improve its technology platform, and increase its marketing efforts to reach more customers. The company also plans to use the funding to hire additional staff and invest in new technologies that can help it to better serve its customers.
Elevate’s CEO, Jason Harvison, said in a statement that the company is “thrilled” to have Amazon’s Alexa Fund as a new investor. He added that the funding will help Elevate to “further accelerate our growth and strengthen our position as a leader in the digital lending space.”
The Alexa Fund, which was launched by Amazon in 2015, is a $200 million venture capital fund that invests in companies developing voice-enabled technologies and devices. Elevate is the latest addition to giveme5 the fund’s portfolio, which includes companies like Ecobee, Ring, and Sonos.
Amazon’s investment in Elevate is part of the e-commerce giant’s broader push into the financial services space. In recent years, Amazon has launched several financial products and services, including Amazon Pay, Amazon Cash, and Amazon Lending, which provides loans to small businesses that sell on its platform.
Elevate’s funding round comes at a time when 123chill digital lending is gaining traction as an alternative to traditional banking. According to a report by Grand View Research, the global digital lending market is expected to reach $23.8 billion by 2025, growing at a compound annual growth rate of 18.3% between 2019 and 2025.
However, digital lending has also come manytoons under scrutiny in recent years over concerns about consumer protection and the potential for discriminatory practices. Elevate has said that it is committed to responsible lending practices and has implemented various measures to protect customers, including caps on interest rates and loan amounts.
Overall, Elevate’s latest funding round is a significant milestone for the company, which has grown rapidly since its founding in 2014. The company has already helped millions of customers access credit through its platform, and the new funding will help it to expand its reach and impact even further.
