Mission Lane, a US-based credit card company, has secured more than $500m in a mixture of equity and debt financing to expand credit card business.

The funding includes $200m raised under a Series A investment from Invus Opportunities, QED Investors, and funds managed by Oaktree Capital Management.

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Mission Lane intends to use the proceeds to expand its operations so that it can help American citizens with lower credit scores or those yet to build a credit history required to obtain a score.

The $500m capital also includes a $300m debt facility secured from Goldman Sachs (Senior) and asset management firm Oaktree.

Meanwhile, Mission Lane has named Shane Holdaway as its new CEO. Holdaway has been associated with Capital One and also worked as CEO of Barclays’ American operations.

Holdaway said: “Unlike most banks and fintechs, Mission Lane is focused on helping people who are working to build or rebuild their credit.

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“The few loans and credit cards that are available to them are often complex, difficult to decipher, and laden with inexplicable fees.

“We can certainly provide a lane or path forward through credit that has terms that are both better and easier to understand.”

Aiming to offer better credit cards with easy-to-understand terms, Mission Lane separated from LendUp in December last year.  Earlier, the company operated as the credit card division of LendUp.

Leveraging modern technology, advanced data, and analytics, Mission Lane serves its customer base, mainly subprime borrowers in the US.