HIGHLINE SECURES $13 MILLION IN SERIES A FUNDING TO EXTEND CREDIT ACCESS FOR BORROWERS AND REDUCE RISK FOR LENDERS
Highline Technologies, the payments fintech that unlocks payroll-linked lending and bill pay, announced today that it has successfully raised $13 million in Series A funding. The round was led by Jump Capital, Costanoa Ventures, Foundation Capital and other investors.
Founded in 2020, Highline’s payments platform allows consumers to easily automate bill payments directly from their paycheck, helping to avoid missed payments and overdraft fees. Highline’s solution enables consumer lenders to improve portfolio performance, allowing them to expand approvals, reach more potential customers and grow revenue while reducing risk. Additionally, Highline extends payroll-linked lending to any asset class, where historically it was limited to only personal loans.
After receiving seed funding in 2021, Highline has continued growing at a rapid pace, doubling its team over the first half of 2022 alone. During the past year, Highline completed the build of its platform and launched early clients in the personal loan, lease-to-own, retail and credit card industries. The Series A funding will support Highline’s continued growth, including additions to staff, more strategic partnership opportunities and expanded market adoption of its products and services.
Payroll-linked lending benefits lenders and consumers alike as it helps reduce missed payments by up to 2/3rds compared to traditional payment methods and can lower default rates by more than half. Automating loan payments through payroll linking improves a consumer’s creditworthiness by the equivalent of 80 to 100 FICO points. It enables lenders to make better, more informed decisions based on a borrower’s true ability to pay and allows them to extend credit to many consumers normally shut out of traditional financial services.
Highline Secures $13 Million In Series A Funding To Extend Credit Access For Borrowers And Reduce Risk For Lenders. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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