Bridge Bank Extends $10MM Senior Loan to Aura

Aura has originated over $750MM in affordable loans to families since belated 2014

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Mar 05, 2020, 09:00 ET

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SAN FRANCISCO BAY AREA , March 5, 2020 /PRNewswire/ — Bridge Bank today announced it’s extended a loan that is senior Aura, a mission-driven monetary technology company which provides affordable loans to hard-working families. The funding may be utilized to aid the business’s fast expansion because it provides affordable service that is financial to underserved communities.

This brand 800 payday loan new loan comes during a time period of quick development for Aura when the business has supplied about $750MM in loans to almost 344,000 borrowers at 1,050 partner areas since 2014. Aura utilizes technology that goes beyond fico scores to determine borrowers’ power to repay and allows businesses that are local administer credit applications.

“we have been excited to do business with Aura because of their management that is stellar and approach of supplying monetary answers to people that could be ignored somewhere else,” stated Mike Lederman , senior handling manager of Bridge Bank’s technology banking team. “Aura has skilled tremendous development in the last few years and our Bridge Bank group looks ahead to supporting Aura within their continued development and success.”

“we have been delighted become working together with Bridge Bank, among the leading sourced elements of capital for fast-growing startups,” stated James Gutierrez , co-founder and primary executive officer of Aura. ” This financing that is new assist us keep speed with development and empower more hard-working families with your credit-building loans.”

Scores of working families in America lack usage of safe and affordable loans and generally are susceptible to predatory lenders. r banking package for worldwide pupils. From textbooks to tuit to Aura, they’ve supplied borrowers with affordable loans which have conserved over $475MM in extra charges and interest when compared with predatory choices. Two-thirds of Aura’s borrowers have cultivated their credit history by an average of 312 points after two loans.

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