Payoff Finds $250M To Fund Consumer Loans

Costa Mesa-based Payoff, the consumer finance startup led by Scott Saunders, has scored a $250M commitment from alternative asset manager Marshall Wace, to go towards the company's consumer refinancing and loans. According to Payoff, the deal covers a multi-year period, and will help consumers refinance and pay off their high-interest rate credit card balances. Marshall Wace LLP is a $22 billion alternative asset manager. Payoff is backed by investors Mohamed El-Erian(PIMCO); Joe Saunders (Visa), as well as Tencent.