Kashable, an alternative consumer lender, has secured a $100 million credit facility from MidCap Financial, a specialty finance firm managed by Apollo Capital Management. The capital will be used for growth and to accelerate Kashable’s ability to extend affordable financing to consumers.
NEW YORK (PRWEB) OCTOBER 16, 2018
Kashable, a leading alternative consumer lending solution, announced today that it has secured a $100 million credit facility from MidCap Financial, a premier specialty finance firm managed by Apollo Capital Management, L.P. focused on delivering flexible and creative capital solutions. This credit facility supports Kashable’s growth and accelerates the Company’s ability to extend affordable financing to consumers across the United States.
Kashable’s enhanced underwriting and repayment processes allow employees to access Socially Responsible Credit™, which is typically their most competitive unsecured borrowing option in the market.
Kashable serves employees of large public and private companies across a wide range of industries, from manufacturing to information technology, education, healthcare and municipalities.
The Company approves the vast majority of its applicants at participating employers, therefore catering to all wages and across the credit spectrum. In doing so, Kashable increases inclusion in mainstream financing to employees, who would otherwise have little to no affordable emergency financing options, and the broader workforce can enjoy the lower interest rates that come with Kashable’s underwriting efficiencies. Across the board, the Company presents an intelligent alternative to 401(k) loans, high interest credit cards and pay advances to all employees.
Einat Steklov, Co-Founder of Kashable said, “We are excited to partner with the team at MidCap to deliver better financing solutions to working Americans and to support employers in their mission to provide employees with effective financial wellness through their employee benefit package. Our new relationship with MidCap provides us the financial resources to roll out Kashable through benefit administration platforms, marketplaces, and through industry brokers.”
JD Gettmann, Managing Director at MidCap said, “We recognized Kashable’s ability to bring an inventive, thoughtful approach to consumer financing. Using its proprietary, cloud-based technology, Kashable was able to quickly achieve significant market penetration by delivering low-cost personal loans to consumers across a broad spectrum of credit, wages and employers. Kashable presented us with an efficient and sustainable business model for affordable unsecured personal loans. We are excited to partner with Einat, Rishi and the rest of the Kashable team.”
Kashable is an employer-sponsored, voluntary benefit program which provides low-cost installment loans to consumers across the credit and wage spectrum. The loan program offers an affordable, intelligent alternative to 401(k) loans, credit cards, and pay advances.
The Company’s financial technology is integrated with HR and benefits platforms, such as Alight Solutions and Benefitfocus. Kashable also partners with a host of strategic partners that include HixMe, TriNet, Corestream, Maestro Health, and other industry leaders.
Kashable is transforming the way working America accesses credit with a mission to provide financing solutions that empower employees to take charge of their health, wealth and financial wellness.
For more information, please visit http://www.kashable.com.
About MidCap Financial
MidCap Financial is a middle market-focused, balance sheet lender that provides debt solutions to companies across all industries. The company’s subsidiary, MidCap Financial Services, LLC is headquartered in Bethesda, MD, with regional offices in Atlanta, Charlotte, Chicago, Los Angeles, New York and San Francisco. The company focuses on the debt needs of the middle market in five areas:
General Asset-Based: working capital loans collateralized by third-party accounts receivable, inventory, and other assets;
Leveraged Finance: cash flow based loans to Financial Sponsor backed companies;
Life Sciences: financing for venture backed and micro/small cap pharmaceutical, biotech, and medical device companies;
Lender Finance: loans provided across the consumer and commercial finance sectors; and
Real Estate: loans for the acquisition, refinance and recapitalization of healthcare and commercial real estate properties.
As of March 2018, MidCap Financial has over $16 billion of commitments under management. Since our founding in 2008, we have been working with management teams and sponsors to deliver thoughtful and cost effective debt solutions. Companies need a lender that understands their business and has the creativity and flexibility to provide financing solutions that are suited to their needs. At MidCap Financial, our years of experience, strong balance sheet, and flexibility make us the lender of choice for companies across all stages of growth and complexity.
MidCap Financial refers to MidCap FinCo Limited, a private limited company domiciled in Ireland, and its subsidiaries. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Limited. References to MidCap Financial prior to January 2015 are to its predecessor, MidCap Financial, LLC.