  Next Story  BigCommerce Establishes $2 Million Fund
For Developers  ZestCash, a company founded by former Google CIO
and VP of engineering Douglas Merrill to legitimize the payday
loan industry, has raised $73 million round of funding. The
company raised $23 million in an equity round led by Matrix
Partners. Existing investors Lightspeed Venture Partners, GRP
Partners, Flybridge Capital Partners, and Lighthouse Capital
Partners also fully participated in the round. The company also
raised a separate $50 million line of debt financing from
Victory Park Capital to fund its loan portfolio.   Payday loans
are common amongst consumers who don’t have the credit to take
out a standard loan through a bank. Payday loans shops allow
users to pay a fee to borrow a certain amount of money. For
example, a consumer will on average pay $60 to borrow $300 for
14 days. After 2 weeks, the borrower must pay the entire loan
and fee back in one payment. If the borrower cannot pay the loan
back, then he or she can get an extensi