Pave, an online consumer lender, on Tuesday announced $8 million in equity funding.
The New York company makes two- to three-year term loans of between $3,000 and $25,000. It is seeking to distinguish itself from other digital lenders by targeting young adults who have limited credit histories.
Chief Executive Oren Bass said in an interview that he wants to lend money to people who are in stable careers, even if they do not earn big salaries.
"Nurses are a great type of individual for us to lend to because of the stability there," he said.
Rather than focusing solely on the borrower's credit score, Pave also looks at rent payments and utility payments. And it models the borrower's future earnings trajectory, according to Bass.
Pave has issued around $10 million in loans since it launched its lending product in late 2014.
The firm, which currently has around 20 employees, plans to use the new equity funding to add employees with expertise in data analytics, operations and marketing.
The funding round was led by the venture-capital firm Maxfield Capital.
In December, Pave announced that New York-based Seer Capital had agreed to provide up to $300 million in debt financing to fund the company's loans.