Payoff, a financial site that helps users pay off credit card debt, announced a $46.76 million Series C funding this week. However, the Costa Mesa-based company expects the round to close at $67.4 million.
Payoff users — typically millennials — take 10 minute quizzes, and the site presents them with their financial 'personality,' in order to help them understand what their financial outlook will look like moving forward.
In May, the site published a study that reported that one-in-four Americans financial stress displayed symptoms of PTSD. The condition, coined Acute Financial Stress by Payoff researchers, manifests itself in the form of nightmares, hypervigilance and avoidance, among other psychological symptoms.
The service provides users with loan amounts between $5,000 and $35,000, with rates between two and five years at somewhere between 8 percent and 22 percent APR.
Over time, the company hopes to build its content and financial personality quizzes to evolve into a wealth management service.
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