The firm, established in 2020, has developed a payments platform that enables customers to automatically pay bills directly from their paycheck. The platform is designed to help consumers not to miss payments and avoid overdraft fees.
It also allows lenders to enhance the performance of their portfolios. Using the solutions, lenders will be able to extend approvals as well as add new clients and increase revenue while minimising risk, stated Highline.
Furthermore, the company has improved payroll-backed lending to any asset class, which were previously restricted to only personal loans.
With the new investment, Highline aims to accelerate its growth. The company also seeks to add new employees, form new strategic alliances and support the market adoption of its solutions and offerings.
Highline Technologies co-founder and CEO Geoff Brown said: “We are grateful to our investors and excited by the possibilities that this round of funding represents.
“It will enable us to continue building a world-class team and connect with a growing number of customers and partners throughout the industry who are equally committed to providing more borrowers with access to the credit and banking services they deserve.”
Last year, Highline obtained seed funding, which has helped the firm to double its workforce during the first half of this year.
The company noted that last year, it had completed developing its platform. It has introduced early customers in the personal loan, lease-to-own, retail and credit card sectors.
Jump Capital partner Yelena Shkolnik said: “When speaking to lenders, we heard a consistent refrain – they were all aware that connecting to borrowers’ payroll would drastically reduce defaults and materially improve their competitive positions.
“Most had tried and failed to leverage deductions, challenged to compliantly manage the funds flow, or offer adequate employer coverage.
“In Highline, lenders have the solution they’ve searched for and a powerful end customer experience to transform their lending.”