FactorTrust, an Atlanta, GA-based alternative credit bureau, closed a $42m funding round.
The round was led by ABS Capital Partners and MissionOG. In conjunction with the investment, ABS Capital Partners Managing General Partner Phil Clough will join FactorTrust’s board of directors along with Gene Lockhart, Chairman and Managing Partner of MissionOG, who will join as board chair.
The company intends to use the funds to accelerate growth and expand its suite of offerings.
Led by CEO Greg Rable, FactorTrust allows lenders to manage the credit lifecycle of underbanked consumers using alternative credit information (proprietary data – not available from traditional credit bureaus) and offer them the credit they deserve. Its proprietary credit risk and consumer data has more than 200 million loan transaction records with the company adding more than 350,000 new unique consumers per month to the database.
FactorTrust also announced that Michael Heller, an information and analytics industry leader, joined as president and will serve on the board.