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Investor Growth Capital leads $21m financing round for Billfloat

22 Jan 2013

money dollar lend borrowInvestor Growth Capital has led a $21m financing round for consumer credit platform BillFloat alongside a trio of existing venture investors in the business.

Venrock, FirstRound Capital and Baseline Ventures returned with more financing for the company following previous investment rounds, which have netted the company $15.6m.

Other new investors include Bronze Investments.

Billfloat said the latest financing would enable the company to focus on its More-Time-to-Pay platform, which gives borrowers flexibility in paying for their purchases and services.

IGC vice president Brian Mulvey said, “The More-Time-to-Pay platform offers a needed and unique approach to credit delivery that fits the real-time experiences of consumers and businesses.

“There is demand in competitive markets to help all consumers responsibly afford their purchases, even if they have no credit histories or limited budgets.”

Mulvey will join the BillFloat board of directors alongside Bronze’s Stephen DeBerry, Venrock’s Brian Ascher and First Round’s Rob Hayes, as well as other existing board members.

Billfloat has more than 700,000 registered users and adds an average of 3,000 to 5,000 customers per day, and plans to provide more than $400 million dollars in credit delivery to its customers by the end of 2013, the company said.

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