Online credit solutions provider Elevate has increased its credit facility from Victory Park Capital to an additional $70 million, bringing it to a total of $385 million. According to Elevate, the financing will be used for further investments.
FORT WORTH, Texas–(BUSINESS WIRE)–Elevate, a leading provider of innovative online credit solutions for non-prime consumers, today announced it has increased its credit facility with Victory Park Capital (VPC) by an additional $70 million to a total of $385 million. The company will use the additional capital for further investment in its suite of online credit solutions, which leverage sophisticated data and analytics capabilities to provide more responsible offerings to subprime consumers in need of credit.
“Elevate is focused on bringing more responsible, affordable and convenient credit to Americans with limited financial options,” said Ken Rees, CEO of Elevate. “This additional financing will allow us to continue to scale the business and meet the market demand for our products.”
“Much like the broader lending industry, the subprime market is changing rapidly, driven by the advent of Big Data and analytics technologies,” said Tom Welch, principal at VPC. “We are excited to continue working with Elevate on meeting demand not only for access to credit, but for access to better credit.”
Elevate’s three products, Rise, Sunny and Elastic, have served close to 400,000 customers since launching.
Elevate’s innovative online credit solutions provide immediate relief to customers today and can help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like lower interest rates, free financial training, and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Sunny, and Elastic. The company is privately held and is backed by respected Silicon Valley venture capital firms including Sequoia Capital and Technology Crossover Ventures. For more information visit: www.elevate.com.
About Victory Park Capital
Victory Park Capital (VPC) is a privately held registered investment advisor dedicated to alternative investing through the management of its investment vehicles. As specialists in credit and private equity investments, VPC focuses on middle market companies across a diversified range of industries. Whether as a lender or a control investor, VPC seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, VPC is headquartered in Chicago with additional resources in Los Angeles, New York and San Francisco. For more information visit: www.victoryparkcapital.com.