Backed

Company Overview

Snapshot

Founded in October 2014 by Gilad Woltsovitch, Backed operates with 1–10 employees. The company raised $3 million across 2 funding rounds from 4 investors. In December 2015, Backed secured funding from Cyhawk Ventures and Itzhak Fisher.

Business overview

Backed is an online lending platform operating in the Fintech & Insurtech sector, specifically within Lending & Financing. The company provides borrowers with enhanced access to competitive loans by enabling them to add a co-signer, or backer, to their application. Its core technology utilizes a machine-learning underwriting algorithm to offer a predictive scoring model that mitigates risk, influencing loan approval and pricing. Backed offers personal loans ranging from $3,000 to $25,000 with APRs starting at 2.9%, serving markets primarily in the United States.

Strategic signal

In March 2017, Backed secured its first institutional debt capital, a significant development that indicated growing confidence from larger financial entities in its innovative lending model. This milestone suggested a validation of its machine-learning underwriting approach and its potential to scale operations, providing a strong signal to investors regarding the company's capacity for broader market penetration and financial stability.

Company Intelligence Q&A

What is Backed's primary business model?

Backed operates a B2C business model, providing direct lending services to consumers by allowing them to secure loans with the support of a co-signer.

When was Backed founded and by whom?

Backed was founded in October 2014 by Gilad Woltsovitch.

What was a key funding event for Backed?

In December 2015, Backed secured funding from investors including Cyhawk Ventures.

What technology does Backed utilize for its lending platform?

Backed employs a machine-learning underwriting algorithm that provides a predictive scoring model to assess and mitigate risk, which informs loan approval and pricing.

What was a significant development regarding Backed's capital structure?

In March 2017, Backed secured its first institutional debt capital, marking a key step in its financial growth and operational capacity.