Lenny Targets Millennials with Lending App

Santa Monica-based Lenny said Wednesday afternoon that it has launched a new app and service, which provides credit to millennials. Lenny said its app uses data from millennials, allowing them to borrow anywhere from $100 to $10,000. The company said that the purpose of its lending app is to help students and others increase their credit scores, with 0 percent interest when balances are repaid in full and on time, with rates increasing to an average of 9.8 percent if payments are not made in full. Lenny's founders are Joe Bayen (CEO) and Francesco Matteini (Chief Credit Officer).