PRESS RELEASE:
Payoff is building a next-generation digital finance company completely centered on the financial success of its members, turning borrowers into savers and investors
COSTA MESA, Calif.–(BUSINESS WIRE)–July 7, 2015–
Southern California-based Payoff, Inc. today announced that Eaglewood Capital Management, a subsidiary of alternative asset manager Marshall Wace, has agreed to finance up to $250 million of loans over a multi-year period, subject to Eaglewood’s purchase criteria. This arrangement should enable Payoff’s rapid growth to support the millions of U.S. consumers motivated to refinance and pay off their high-interest rate credit card balances. Payoff has raised more than $300 million in combined equity and debt capital since inception to build the future of consumer financial services and improve the financial well being of its members.
Payoff founder and CEO Scott Saunders said: “Our focus on consumer financial empowerment defines Payoff. We’re inventing a future for truly profitable financial services where we help our members transition from paying interest to earning interest. Our bet is that doing the right thing for our members will pay off for us and for them!”
Founded in 2009, Payoff, Inc. (www.payoff.com) is a digital finance platform delivering empowering products and services that help clients pay off debt and build wealth. Payoff’s chief scientist, former eHarmony chief scientist Dr. Galen Buckwalter, leads a team of top psychologists, decision scientists, and neuroscientists applying science to help Payoff’s community better understand their financial behavior and make better financial decisions. Payoff investors include Payoff board members Mohamed El-Erian, former PIMCO chief executive; and Joe Saunders, former Visa chief executive; as well as Chinese internet company Tencent. Payoff is backed by other global digital finance leaders, top-tier venture capital firms, and some of the most prominent individuals in financial services.
Eaglewood Capital Management LLC (www.mweaglewood.com) was founded in 2011 and has been at the forefront of developments in the emerging online direct lending space, including the first securitization of peer-to-peer consumer loans. Eaglewood received the 2014 LendIt Innovator of the Year Award, in recognition of its contribution to the growth of this asset class.
Founded in 1997, Marshall Wace LLP (www.mwam.com) is a $22 billion global asset manager offering a diverse set of alternative, long-only and bespoke investment solutions to a broad range of investors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150707006281/en/
Payoff, Inc.
Carey Ransom, 949-430-0630
carey@payoff.com
www.payoff.com