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Google’s Ban on Payday Ads Hits Its Own Investment

Venture-capital arm backs LendUp, where annual percentage rates are generally in the triple digits

By

Google announced this month it would ban payday-loan ads. One wrinkle: It is an investor in a payday lender.

GV, the venture-capital investment arm of Google’s parent company, Alphabet Inc., has been investing in online lender LendUp since before the startup launched in 2012. The company provided capital for every equity round LendUp has since done.

Last week, Google announced it was banning payday-loan ads from its site in...

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