Subprime online lender Elevate has increased its credit facility with Victory Park Capital (VPC) by $100m to a total of $545m.
The additional capital will be used to support the growth of its credit products in the US and UK, and of bolstering its suite of online credit solutions.
Elevate claims to be ‘reinventing the non-prime lending industry’ by giving consumers access to responsible and transparent credit options.
It claims to have originated more than $3bn in nonprime credit to 1.4m consumers to date.
CEO Ken Rees notes that the business has continued to benefit from high consumer demand for its products, having experienced year-over-year loan portfolio growth of more than 80 per cent since Q1 2015.
He added, “We believe that more responsible non-prime credit products like RISE, Elastic and Sunny are making a positive difference in the lives of our customers who often struggle with limited financial options.
“This expanded credit facility with Victory Park Capital will help us continue to serve this growing consumer need.”
The company is privately held and is backed by respected Silicon Valley venture capital firms including Sequoia Capital and Technology Crossover Ventures.
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