Think Finance, a Ft. Worth, TX-based developer of innovative financial products, has secured a $90m credit facility from Victory Park Capital Advisors.
The company will use this line of credit to fund expansion of its existing product lines and to support the development and growth of new products.
Commenting on the financing, Think Finance CEO Ken Rees said: “We are excited about securing this additional source of funding enabling us to expand our innovative financial solutions for a growing market of consumers unbanked or underbanked”.
Think Finance’s products include ThinkCash, an online installment loan that rewards customers for making timely payments and helps them to build a better credit profile.
The company is also beta testing Elastic, which combines a low cost prepaid debit card with a flexible emergency cash line of credit. The product will also include an innovative savings feature, financial literacy and budgeting tools.
Established in 2001, Think Finance is backed by venture capital firms, including Sequoia Capital and Technology Crossover Partners.
FinSMEs
23/09/2010