Team Invested More than $18 million in Alternative Lender

Team Invested More than $18 million in Alternative Lender

ALEXANDRIA, Va. , might 13, 2016 /PRNewswire-USNewswire/ — Bing’s statement on Wednesday that it’ll stop showing ads for payday advances was an obvious and troublesome conflict of great interest: the organization’s GV investment investment (previously Google Ventures) has spent huge amount of money into the customer financing startup LendUp, which markets itself as being a competitor of regulated short-term loan providers.

“Bing is only disguising a small business choice underneath the veil of customer advocacy,” Community Financial solutions Association CEO Dennis Shaul stated. “Hiding behind vague claims of ‘principles’ and ‘helping people,’ Google kowtows to those activists whose only goals would be to prevent payday financing. It really is a very important factor when it comes to team to unfairly pass judgment on an industry that is legal it will not choose, but to utilize their size and impact to clear the using field because of its very very own

GV, the capital raising supply of Alphabet, Inc., the moms and dad team of Bing, has spent – in partnership with QED and Data group – significantly more than $18 million in LendUp, that offers small-dollar, short-term loans in direct competition with conventional payday advances.

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