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Home»Fintech»Highline Technologies raises $13m
Fintech

Highline Technologies raises $13m

August 22, 2022No Comments3 Mins Read
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Highline Applied sciences, the funds fintech that unlocks payroll-linked lending and billpay, introduced as we speak that it has efficiently raised $13 million in Collection A funding.

The spherical was led by Bounce Capital, Costanoa Ventures, Basis Capital and different buyers.

Based in 2020, Highline’s funds platform permits shoppers to simply automate invoice funds straight from their paycheck, serving to to keep away from missed funds and overdraft charges. Highline’s resolution allows client lenders to enhance portfolio efficiency, permitting them to broaden approvals, attain extra potential prospects and develop income whereas decreasing threat. Moreover, Highline extends payroll-linked lending to any asset class, the place traditionally it was restricted to solely private loans.

After receiving seed funding in 2021, Highline has continued rising at a speedy tempo, doubling its staff over the primary half of 2022 alone. Throughout the previous yr, Highline accomplished the construct of its platform and launched early purchasers within the private mortgage, lease-to-own, retail and bank card industries. The Collection A funding will help Highline’s continued progress, together with additions to workers, extra strategic partnership alternatives and expanded market adoption of its services.

“When chatting with lenders, we heard a constant chorus – they have been all conscious that connecting to debtors’ payroll would drastically cut back defaults and materially enhance their aggressive positions,” shared Yelena Shkolnik, Associate at Bounce Capital. “Most had tried and did not leverage deductions, challenged to compliantly handle the funds stream, or provide enough employer protection. In Highline, lenders have the answer they’ve looked for and a strong finish buyer expertise to rework their lending.”

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“It has been a few years, a long time arguably, since U.S. client lending has seen an innovation of this magnitude,” mentioned Zach Noorani, Associate at Basis Capital. “By means of Highline’s cost platform, tens of thousands and thousands of non-prime shoppers will ultimately be capable to entry prime-priced monetary merchandise. That’s a whole bunch of billions a yr in potential financial savings.”

Payroll-linked lending advantages lenders and shoppers alike because it helps cut back missed funds by as much as 2/3rds in comparison with conventional cost strategies and may decrease default charges by greater than half. Automating mortgage funds by means of payroll linking improves a client’s creditworthiness by the equal of 80 to 100 FICO factors. It allows lenders to make higher, extra knowledgeable choices based mostly on a borrower’s true means to pay and permits them to increase credit score to many shoppers usually shut out of conventional monetary providers.

“We’re grateful to our buyers and excited by the probabilities that this spherical of funding represents,” mentioned Geoff Brown, Co-founder and CEO of Highline. “It would allow us to proceed constructing a world-class staff and join with a rising variety of prospects and companions all through the business who’re equally dedicated to offering extra debtors with entry to the credit score and banking providers they deserve.” 

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