Elevate, a Ft. Worth, Texas-based provider of innovative online credit solutions for non-prime consumers, has increased its credit facility with Victory Park Capital (VPC) by an additional $70m to a total of $385m.
The company will use the additional capital for further investment in its suite of online credit solutions.
Led by Ken Rees, CEO, Elevate offers a suite of online credit solutions which leverage data and analytics capabilities to provide more responsible offerings to subprime consumers in need of credit.
The company’s three products, Rise, Sunny and Elastic, have served close to 400,000 customers since launching.
Elevate is backed by Silicon Valley venture capital firms including Sequoia Capital and Technology Crossover Ventures.