Atlanticus Holdings, a technology enabled consumer finance company, has secured a $100m revolving credit facility.
The credit facility came from Credit Suisse AG, Cayman Islands Branch. It allows for a total of $190m in committed debt capital, when combined with existing facilities, to fund its investments in Fortiva branded general-purpose credit card receivables.
It comes shortly after its previous $90m revolving credit facility with TowerBrook Capital Partners, a transatlantic investment management firm. Both facilities established a program under which we sell certain credit card receivables acquired by us to a consolidated trust in exchange for notes issued by the trust according to the company.
Jeff Howard, president, Atlanticus Holdings, said: “This new credit facility provides us with the additional capacity to continue our growth as we work to enable financial institutions to empower millions of financially underserved Americans.”
Founded in 1996, Atlanticus leverages analytics and a flexible technology platform to enable financial institutions to provide various credit and related financial services and products to the financially underserved consumer credit market. It applies the experience gained and infrastructure built from servicing over 17 million customers and $25bn in consumer loans to support lenders that originate a range of consumer loan products.
The products include retail credit, personal loans, and credit cards marketed through our omni-channel platform which includes, retail point-of-sale, direct mail solicitation, Internet-based marketing and partnerships with third parties.
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