BillFloat announced last week that it has raised $21 million in new investment on the strength of short-term lending platform More-Time-to-Pay.

The San Francisco startup creates software that connects banks and lenders to the underbanked, helping those people get short-term, small loans.

This latest round of funding was led by Investor Growth Capital. Other investors included Venrock, FirstRound Capital, Baseline Ventures and Bronze Investments.

"There is a large disruption happening in the financial services sector, and the critical message is early stage companies are doing what banks are just not," says BillFloat chief executive Ryan Gilbert.

BillFloat previously raised $15.6 million. To date, the company has garnered roughly $36.9 million in investment.

BillFloat says it has roughly 700,000 registered users. The company says it plans to provide more than $400 million dollars in credit to its customers by the end of the year.