Applied Data Finance LLC, an online lender based in San Diego, closed an additional $17.8 million of equity financing after it raised $140 million in equity and debt last July.
Founded in 2014, the company makes unsecured loans to borrowers with little credit history or blemished credit. Applied Data Finance has 180 employees across its offices in San Diego, New York and Chennai, India. The company has originated more than $150 million in loans, $40 million of which was in the fourth quarter of 2018.
“The capital raised in mid-2018 enabled us to rapidly scale our business while continuing to deliver industry leading performance. As a result, we are seeing additional interest in providing capital to continue expanding the business, and this is a great example of investor confidence in ADF,” co-founder and CEO Krishna Gopinathan said in a news release.
To date, the company has raised $239.3 million in equity and debt.