Elevate, a Fort Worth, Texas-based provider of innovative online credit solutions for non-prime consumers, increased its credit facility with Victory Park Capital (VPC), by an additional $100m to a total of $545m.
The company will use the additional capital to support the growth of its credit products in the U.S. and U.K. and for further investment in its suite of online credit solutions.
Led by Ken Rees, CEO, Elevate provides online credit solutions (RISE, Sunny and Elastic) which reward borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring.
The company, which is backed by Silicon Valley venture capital firms including Sequoia Capital and Technology Crossover Ventures, has originated more than $3 billion in nonprime credit to 1.4 million consumers to date.
FinSMEs
26/07/2016