ImpactAlpha, June 8 – LendStreet, an Oakland-based fintech startup, offers customers struggling to repay debt a discounted loan to pay off existing creditors, then enrolls them in a tailored repayment program.
LendStreet’s Founder Jerry Nemorin’s background is on Wall Street, where he helped large companies restructure debt. Nemorin, a Haitian, decided to focus on individuals and launche LendStreet after seeing the devastation and financial distress caused by the 2010 earthquake in his home country.
“We can do better in creating solutions to get people out of financial distress and help them re-engage the financial system much quicker,” he said. LendStreet has reportedly helped customers reduce debt by up to 40% and boost credit scores by 100 points on average.
- Corporate backing… Insurance giant Prudential Financial led LendStreet’s $6.6 million Series A round alongside impact investor Radicle Impact. Prudential also contributed to LendStreet’s simultaneous $110 million debt raise with Community Investment Management.
- Prior support… LendStreet was a participant in JPMorgan and CFSI’s first Financial Solutions Lab cohort in 2015 and has since been supported by Accion, Serious Change, Crunchfund, Kapor Capital, and Cross Culture Ventures.