San Diego-based LoanHero recently disclosed that it has raised $1.7 million in seed funding to expand its software-based service for merchants. The technology offers consumers a variety of financing options when they are purchasing big-ticket items like furniture and home improvements.
The year-old fintech company said it also has secured a $20 million debt facility that will be used to fund loans originated on its system.
In a statement, LoanHero says it “often offers prime consumers interest rates lower than credit cards while also charging merchants lower transaction fees than the credit card networks.”