Today, Pave, an online lending platform, announced a large investment commitment of $300 million on the Pave platform. Seer Capital will provide the bulk of this debt capital and will also contribute some equity, but those terms were not disclosed. Pave is a company that is focusing on the millennial generation who commonly have thinner credit profiles. We were able to catch up with Oren Bass, Co-Founder and David Rosen who is Pave’s Head of Underwriting to learn more about their company.
We asked Oren about what kind of platform they see themselves as right now: a balance sheet or a marketplace. Oren stated that a majority of the loans will now be funded by Seer Capital, but they still can take on more investors which will allow for capital diversification. At this point they don’t want to be a balance sheet lender, but they may look into doing so in the future. Oren noted that they hope to be on the Orchard platform shortly and at some point hope to attract investors through that channel. [Read more…]