Alphabet's venture capital arm invests in payday lenders banned by Google ads

GV, the investment arm of Google's parent company, is revealed to have backed online lender which now falls under 'dangerous products' category

Just days after Google proudly announced it had banned the morally dubious payday loan sector from its advertising platforms, its parent company has been revealed to be a repeat investor in a payday loan lender.

GV, the venture-capital investment arm of Google's parent company, Alphabet, has backed online lender LendUp since before its launch in 2012 and has provided capital for every equity round LendUp has done since, the Wall Street Journal first reported.