Digital debt restructuring company LendStreet, Inc. has closed a $7 million USD series A equity round and raised $110 million USD in debt financing.
The funding round was led by Prudential Financial and Radicle Impact, while the debt financing come from Prudential and Community Investment Management (CIM).
Other investors in the round include Accion, the Center for Financial Services Innovation (CFSI), Serious Change, Crunchfund, Kapor Capital, and Cross Culture Ventures.
The company is also adding two members to its board of directors, Miljana Vujosevic and Catha Groot. Vujosevic, as vice president of Impact Investments, and Groot, as principal at Radicle Impact, join Lendstreet founder and CEO R. Jerry Nemorin, as well as Michael Snyder and KG Charles-Harris, on the board.
“These investments will enable us to scale our platform and reach more consumers who are struggling with too much debt,” said Nemorin. “Prudential, CIM, Radicle Impact, and our other investors share our vision of finally giving mainstream Americans access to an equitable and transparent alternative for their mounting credit card debt.”
Along with its debt restructuring offerings, LendStreet provides technology based solutions and resources that reduce consumer debt, increase credit scores, and improve savings.
“Many Americans are living paycheck to paycheck and don’t have the adequate resources to withstand a financial shock,” said Vujosevic.
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