For our FintekNews Deal of the Day, we have typically featured companies that have received recent funding or been acquired. However, today we are featuring Elevate, a lending site for sub-prime borrowers, which recently received a $100 million dollar credit facility from Chicago-based Victory Park Capital, which increases its total available credit to $545M. We found the Elevate website quite interesting – www.elevate.com – and thier niche to be one that is no doubt needed.
From the Elevate Website: “Now more than ever there is a need to rethink traditional approaches to consumer credit. Decades–long macroeconomic trends and the recent financial crisis have resulted in a growing “New Middle Class” with little to no savings, urgent credit needs and limited options. Banks haven’t stepped up to serve this market and legacy non-prime lenders haven’t innovated. We believe Elevate’s products provide the answer and are transforming the non-prime lending industry in the US and UK by providing responsible and transparent options.”
According to Finextra, “(t)he company will use the additional capital to support the rapid growth of its credit products in the U.S. and U.K. and for further investment in its suite of online credit solutions.