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LendUp, a San Francisco-based fintech company that has raised over $300 million from firms like Google Ventures and Y Combinator, is splitting up the company, Axios has learned from multiple sources.

The details: The split was largely borne of feedback LendUp received while trying to raise new funding, with investors not believing that the "financial inclusion" business and card business really worked together, let alone LendUp's larger vision of a full-stack financial services business for the working poor.

  • One issue was that credit card issuers often require bank partners for scale, and many top-tier banks won't work with a company that also offers loans at payday-level APRs.
  • As part of the pending split, LendUp also recently had a round of layoffs.
  • No comment from the company.

What's next: The core payday lending business will remain under the LendUp brand with founding CEO Sasha Orloff at the helm, but the company is in talks to sell off a credit card unit that launched last year. One interested suitor is Philadelphia-based private equity firm LL Funds.

Go deeper

Updated 3 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.

Texas abortion law remains in effect after appeals court ruling

Pro- and anti-abortion protesters outside the Supreme Court as arguments begin about the Texas abortion law on Capitol Hill in November. Photo: Jabin Botsford/The Washington Post via Getty Images

A U.S. appeals court transferred a challenge to Texas' law banning most abortions after about six weeks of pregnancy to the state supreme court in a 2-1 vote on Monday evening.

Why it matters: The 5th U.S. Circuit Court of Appeals' decision means the country's most restrictive abortion law can remain in place for the time being.

5 hours ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.