LoanHero Inc., an online lender that partners with merchants to offer financing at the point of sale, said on Wednesday it had secured $2.5 million in seed funding, adding to the $1.7 million it raised last summer.
LoanHero launched last year, working with brick and mortar retailers to provide loans at checkout of up to $25,000. It currently operates in California, Oregon, Washington, Arizona and Nevada, though it plans to expand nationwide this quarter. LoanHero has a credit facility of $20 million and works with other lenders to take on additional capacity.
The additional investment was led by Alsop Louie Partners and Mucker Capital.