Deals

Zebit closes $25M in venture funding for microlending website

If you’re looking to expand your business and/or purchase something you desperately need, but your credit is low, take a look at Zebit. The San Diego-based data platform that supports micro-lending businesses from start to finish, raised $25 million in a series D funding round led by Mohr Davidow Ventures along with Leapfrog Ventures, QED Investors and Crosslink Capital.

Launched in 2011, Zebit’s mission is “to help people buy the things they want, when they want them, on terms that best suit their needs.” The company helps businesses work with customers with low access to credit and enables them to make purchases using a single, customizable platform by using Adaptive Data Fusion.

“This is a science that has been used traditionally in military and wireless sensor applications – taking big, complex streams of data from multiple sources and transforming them into actionable inferences that are superior to using the data streams individually,” Michael Thiemann, CEO, said in a press release. “We’ve applied this to Zebit, the first platform that performs underwriting on a per-transaction basis – because each customer transaction is inherently different, involving a unique purchase, unique variables and a distinct point in time — the holy grail of risk management.”

Global Analytics Holdings, Inc., a parent company, will use the funding to help Zebit grow its platform. To date, the San Diego company claims to have completed more than a million transactions.

Photo via 401KCalculator.org