Backed

Company Overview

Snapshot

Founded in October 2014 by Gilad Woltsovitch, Backed operated with 1–10 employees. The company raised $3M across 2 funding rounds from 4 investors. In January 2017, Backed secured institutional debt capital from Harel Insurance & Finance.

Business overview

Backed is an online lending platform that provides borrowers with enhanced access to competitive loans by enabling them to include a co-signer (backer) in their loan application. This mechanism helps borrowers qualify for loans or secure reduced interest rates. The company utilizes a machine-learning underwriting algorithm to offer a predictive scoring model, which mitigates risk and influences loan approval and pricing. Backed offers personal loans ranging from $3,000 to $25,000 with APRs starting at 2.9% for diverse purposes, serving the Fintech & Insurtech sector, specifically in lending and financing.

Strategic signal

In May 2019, Backed ceased its operations, indicating a significant shift in its market presence and business trajectory within the Fintech & Insurtech sector. This cessation of operations signals to investors and innovation teams a critical change in the company's status, moving from an active player to a non-operational entity.

Company Intelligence Q&A

What is Backed's primary business?

Backed operates as an online lending platform that facilitates access to loans for borrowers by allowing them to add a co-signer to their application, which can help them qualify or reduce their interest rates.

When was Backed founded?

Backed was founded in October 2014.

What was the company's operational status as of May 2019?

In May 2019, Backed ceased to operate and is currently non-active.

Which investor participated in Backed's January 2017 funding round?

In January 2017, Backed secured institutional debt capital from Harel Insurance & Finance.

Which investors participated in Backed's December 2015 funding round?

In December 2015, Backed received funding from Cyhawk Ventures and Itzhak Fisher.