Aura Closes $28.7 Million Expansion Loan from Angel Island Capital
Summary
This new financing comes at a time of rapid growth for Aura, in which the company has provided approximately $500 million in loans to more than 400,000 borrowers at over 1,200 partner locations since its founding in 2014. By partnering with AIC, we can keep up with the demand and help fulfill our mission of providing affordable loans to millions of families in America.” “Aura has created a unique model to target a niche lending market through their innovative approach and data-driven platform. By leveraging proprietary analytics, Aura provides loans at scale with a high degree of confidence to borrowers with limited or no credit histories,” said Dev Gopalan, CEO of Angel Island Capital. By partnering with financial institutions like AIC, Aura is able to provide this underserved population with affordable loans that have helped save them hundreds of millions of dollars in additional fees and interest by avoiding predatory options. Aura has pioneered a cloud-based lending technology that enables trusted local businesses to submit credit applications for centralized review and approval by its proprietary scoring algorithms.