LL Funds LLC, Invus Opportunities and QED Investors LLC invested an undisclosed amount in financial technology company LendUp.
The investment allows LendUp to split its credit card business into a stand-alone company called Mission Lane.
LendUp co-founder and CEO Sasha Orloff will step down from his positions but remain as a board member of LendUp and an adviser to Mission Lane. Anu Shultes, general manager of LendUp Loans, was named CEO of the company and joined the board.
Vijesh Iyer, former COO of LendUp, was appointed interim CEO of Mission Lane, and Raj Mundy of LL Funds and Ben Tsai of Invus Opportunities will join Mission Lane's board.