Kashable, an alternative consumer lending service, has raised $100m through a credit facility from MidCap Financial.
Kashable provides employees quick access to loans of up to $20,000 over 24-month terms. The company uses an enhanced underwriting and repayment system to help employees of large public and private companies access socially responsible credit.
The loan program, which is available at participating employers, offers an affordable alternative to 401(k) loans, credit cards, and pay advances. Repayments are made automatically through monthly payroll, but some employees are asked to set up repayments manually.
The company accepts loans from consumers across the wage and credit spectrum, helping those which are excluded from traditional financing routes.
This facility will be used to grow and accelerate Kashable ability to extend financing to customers across the US.
Einat Steklov, Co-Founder of Kashable said, ?We are excited to partner with the team at MidCap to deliver better financing solutions to working Americans and to support employers in their mission to provide employees with effective financial wellness through their employee benefit package.
?Our new relationship with MidCap provides us the financial resources to roll out Kashable through benefit administration platforms, marketplaces, and through industry brokers.p>
MidCap Financial is a specialty finance firm managed by private equity giant Apollo Capital Management.
Earlier in the year, MidCap supplied a $150m credit facility to data-driven SMB lending company The Credit Junction. Credit Junction, which launched in 2015, uses data intelligence and traditional credit metrics to partner with businesses owners to support their financing needs.
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