Privlo, an online real estate loan provider, announced it had raised a $3.8 million seed round as well as $350 million in debt financing.
Spark Capital and QED Investors led the round of funding. A private New York real estate investment fund provided the debt capital.
The Pasadena company launched in 2011 to match qualified borrowers with people looking to make direct loans. The latest round of financing will go toward expanding its peer-to-peer lending platform.
“Traditional lenders rely on government agencies for funding and can only cater to a very specific kind of borrower,” Michael Slavin, Privlo’s founder and chief executive, said in a statement. “Our proprietary underwriting technology and processes enable Privlo to serve a much broader set of credit-worthy borrowers in an easy, hassle-free way.”
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