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Herndon-Based CIT Invests in Charlottesville's LendPro

Financial terms of the deal were not disclosed. The investment came from CIT's GAP Funds, which make seed-stage equity investments in Virginia-based technology, clean tech and life sciences companies. LendPro's platform is designed to improve the likelihood of customers at stores receiving credit approval to purchase big-ticket items by bringing multiple lenders into the process. Since the platform's launch last year, LendPro has gained nearly 200 paying retail locations. David Weyher, LendPro's CEO, said the latest funding "will enable us to explore secondary opportunities" for his company's platform, including in the medical industry and automotive aftermarket.  

Read the Press Release