Costa Mesa-based consumer financial services firm Payoff has raised about $47 million from 56 investors in a round expected to raise about $65 million, according to a Securities and Exchange Commission document.
Payoff offers low-interest loans of up to $35,000 to help people with a minimum credit score of 660 repay their credit card debt in two to five years.
Eaglewood Capital Management in New York agreed last year to provide up to $250 million in debt financing to support Payoff customers’ refinancing of debt.
The company has raised about $350 million in equity and debt since Scott Saunders founded it in 2009.
Payoff’s investors include Mohamed El-Erian, former chief executive of Pacific Investment Management Co. in Newport Beach; Joe Saunders, former chief executive of Visa Inc.; and Tencent, an internet company based in Shenzhen, China.
