# Mission Lane Holdings Inc.
Mission Lane Holdings Inc. is a [Richmond, Virginia](https://www.edgepedia.org/richmond-virginia)-based credit card fintech that issues cards for consumers with low or thin credit files, founded in 2018 as a spin-off of the credit card division of LendUp and still operating as of 2026, when it applied for a national bank charter.[1](https://richmond.com/news/local/article_68828a2b-92fc-5e88-b772-209a9c157747.html) • [2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) • [3](https://www.bloomberg.com/news/articles/2026-04-20/credit-card-fintech-mission-lane-applies-to-be-national-bank) The company describes its approach as using data and technology to look beyond credit scores, offering cards designed to expand access for people building or rebuilding credit.[4](https://www.missionlane.com/about)
| Fact | Detail |
|---|---|
| Founded | 2018; separated from LendUp in December 2018 (company press release)[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) |
| Headquarters | Scott's Addition area of Richmond, Virginia[1](https://richmond.com/news/local/article_68828a2b-92fc-5e88-b772-209a9c157747.html) |
| Product | Credit cards for underserved and credit-building consumers, issued via partner banks on Visa rails[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter) |
| Form D equity | Four equity offerings totaling roughly $351.4 million (2019, 2020, 2022, 2024)[7](https://www.formds.com/issuers/mission-lane-holdings-inc) |
| Other financing | $300M debt facility (2019, company press release); $320M debut ABS and $150M preferred equity (2021, company press release)[6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html) • [2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) |
| Investors | Oaktree Capital Management, QED Investors, Invus Opportunities, LL Funds[10](https://www.fintechnewsbyte.com/mission-lane-files-for-us-national-bank-charter/) |
| Status (2026) | Operating; OCC/FDIC limited-purpose bank charter application pending as of April 2026[3](https://www.bloomberg.com/news/articles/2026-04-20/credit-card-fintech-mission-lane-applies-to-be-national-bank) |
## What Mission Lane does
Mission Lane is a credit card issuer and lender, not a deposit-taking bank. It underwrites and services revolving credit card receivables for consumers its charter application describes as an estimated 70 million Americans who are systematically underserved by traditional financial institutions.[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter) Because it lacks a bank charter, its cards are originated through sponsor banks, currently Transportation Alliance Bank and WebBank, with Visa as the card network.[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter)
## History and founding
The business began as the credit card division of San Francisco-based LendUp Global Inc. According to the company, it separated from LendUp in December 2018 and was established as a standalone company at that point.[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) • [6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html) In September 2019 it named Shane Holdaway, a [Capital One](https://www.edgepedia.org/capital-one) veteran and former head of Barclays US Consumer Bank, as chief executive.[6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html) QED Investors Managing Partner and Capital One co-founder Nigel Morris serves as Chairman.[6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html)
The company later moved from San Francisco to Richmond: the 2019 Form D listed a San Francisco principal place of business, while the 2022 and 2024 filings, a 2026 securitization filing, and press reporting all place it in Richmond, at 1504 Belleville Avenue in the Scott's Addition area.[1](https://richmond.com/news/local/article_68828a2b-92fc-5e88-b772-209a9c157747.html) • [8](https://www.sec.gov/Archives/edgar/data/1844791/000119312526164305/0001193125-26-164305.txt) In May 2021 it acquired Honeydue, a personal-finance fintech.[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity)
## Funding: the Form D record and investors
SEC Form D filings, which report unregistered securities sales to accredited investors, show four equity-only offerings by Mission Lane Holdings Inc.: $94,232,090 sold under a filing dated 2019-01-07 (first sale 2018-12-21, of a $200 million offering), $207,132,410 sold under a filing dated 2020-12-30 (of a $300 million offering), $25,000,000 under a June 2022 filing (of a $150 million offering), and $25,000,000 under a February 2024 filing (of a $100 million offering), for a total of roughly $351.4 million.[7](https://www.formds.com/issuers/mission-lane-holdings-inc) The December 2020 filing itself confirms the $300 million authorization and the $207,132,410 sold, and notes that remaining sales could bring the total offering to between $300 million and up to $400 million; Henry Domenici signed as CFO.[9](https://www.sec.gov/Archives/edgar/data/1763677/000176367720000001/0001763677-20-000001.txt)
The company separately announced a Series A of more than $200 million in September 2019 from Invus Opportunities, LL Funds LLC, QED Investors, and funds managed by [Oaktree Capital Management](https://www.edgepedia.org/oaktree-capital-management), alongside more than half a billion dollars in combined equity and debt financing.[6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html) In October 2021 it raised $150 million of redeemable preferred equity in a series led by Oaktree-managed funds, with Invus, QED Investors, and LL Funds participating.[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) No source in the record states a valuation.
## Business model and funding of lending
Mission Lane funds its lending with debt as well as equity. In 2019 it secured a $300 million debt facility provided by [Goldman Sachs](https://www.edgepedia.org/goldman-sachs) (senior) and Oaktree.[6](https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html) In October 2021 it completed a debut, oversubscribed $320 million asset-backed securitization, selling notes in three classes rated by Kroll Bond Rating Agency.[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) The securitization program continues: an ABS-15G filed April 20, 2026 by Mission Lane Transferor LLC, the Delaware depositor for the Mission Lane Credit Card Master Trust, covers a portfolio of 3,117,405 revolving credit card receivable accounts, with Barclays, Goldman Sachs, Guggenheim Securities, and J.P. Morgan as specified parties.[8](https://www.sec.gov/Archives/edgar/data/1844791/000119312526164305/0001193125-26-164305.txt)
On traction, the company's own figures are the main source. Its October 2021 release said it had issued more than one million credit cards, achieved over 100% revenue growth in 2020, and was on pace to double revenue again in 2021.[2](https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity) Trade press reporting on the 2026 charter application says the company currently serves over three million customers through cards issued in partnership with Transportation Alliance Bank.[10](https://www.fintechnewsbyte.com/mission-lane-files-for-us-national-bank-charter/) No independent revenue figures appear in the retrieved record.
## Status and the 2026 bank charter application
The company was still raising equity as of its February 2024 Form D.[7](https://www.formds.com/issuers/mission-lane-holdings-inc) On April 20, 2026, Bloomberg reported that Mission Lane had applied to become a US national bank headquartered in Richmond, filing with the [Office of the Comptroller of the Currency](https://www.edgepedia.org/office-of-the-comptroller-of-the-currency) and the [Federal Deposit Insurance Corporation](https://www.edgepedia.org/federal-deposit-insurance-corporation).[3](https://www.bloomberg.com/news/articles/2026-04-20/credit-card-fintech-mission-lane-applies-to-be-national-bank) American Banker reported the application is for a limited-purpose credit card bank charter under the Credit Card Bank Act (CEBA) framework, with FDIC deposit insurance sought and bank offices planned in Richmond and no other physical branches.[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter) The proposed entity, Mission Lane Bank, National Association, would be a wholly owned subsidiary of Mission Lane Holdings Inc.[10](https://www.fintechnewsbyte.com/mission-lane-files-for-us-national-bank-charter/)
The charter would change the company's funding structure. Per American Banker, with a CEBA charter Mission Lane would no longer need to rely on partner banks to originate and hold its loans.[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter) CEBA banks are constrained: they may not accept demand deposits or make commercial loans other than credit card loans, and the proposed bank would have a single deposit-taking location with no demand deposits, third-party payment accounts, or commercial lending.[5](https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter) • [10](https://www.fintechnewsbyte.com/mission-lane-files-for-us-national-bank-charter/)
## References
1. Richmond Times-Dispatch, "Richmond-based credit card provider is rapidly growing." https://richmond.com/news/local/article_68828a2b-92fc-5e88-b772-209a9c157747.html
2. Business Wire (company press release), "Mission Lane Completes Inaugural $320 Million ABS Transaction and Raises $150M in Redeemable Preferred Equity," October 26, 2021. https://www.businesswire.com/news/home/20211026005137/en/Mission-Lane-Completes-Inaugural-%24320-Million-ABS-Transaction-and-Raises-%24150M-in-Redeemable-Preferred-Equity
3. Bloomberg, "Credit Card Fintech Mission Lane Applies to be National Bank," April 20, 2026. https://www.bloomberg.com/news/articles/2026-04-20/credit-card-fintech-mission-lane-applies-to-be-national-bank
4. Mission Lane, About (company site). https://www.missionlane.com/about
5. American Banker, "Credit card issuer Mission Lane applies for bank charter." https://www.americanbanker.com/news/credit-card-issuer-mission-lane-applies-for-bank-charter
6. PR Newswire (company press release), "Mission Lane Names New CEO, Raises Half Billion Dollars In Financing," September 16, 2019. https://www.prnewswire.com/news-releases/mission-lane-names-new-ceo-raises-half-billion-dollars-in-financing-300917284.html
7. FormDs.com, "Mission Lane Holdings Inc. — Form D filing history." https://www.formds.com/issuers/mission-lane-holdings-inc
8. SEC ABS-15G filing, Mission Lane Transferor LLC, filed 2026-04-20. https://www.sec.gov/Archives/edgar/data/1844791/000119312526164305/0001193125-26-164305.txt
9. SEC Form D, Mission Lane Holdings Inc., filed 2020-12-30. https://www.sec.gov/Archives/edgar/data/1763677/000176367720000001/0001763677-20-000001.txt
10. FinTech News Byte, "Mission Lane Files For US National Bank Charter." https://www.fintechnewsbyte.com/mission-lane-files-for-us-national-bank-charter/
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Lending, credit, and neobanks › Consumer lending and neobanks*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license