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Online lending platform Pave secures $8M in series A funding

Pave, a New York City-based online lending platform, onApril 12 announced it has completed an $8 million series A round of equityinvestment.

The round was led by Maxfield Capital with participationfrom existing investors.

Pave operates an online lending platform for loans made byCross River Bank,focused on lending to millennials in the U.S.

Borrowers on receive loans from $3,000 up to$25,000 with annual percentage rates starting at 6.0%, payable over two orthree year terms. Pave secured a financing of $300million to fund the origination of loans on its platform in December 2015.