Best Egg, the machine learning-powered, online credit and financial wellness platform that is owned and operated by Marlette Holdings, has secured $225m in Series E funding.
The round was led by the Healthcare of Ontario Pension Plan (HOOPP), which manages over $80bn in assets, with participation from investment funds advised by Davidson Kempner Capital Management LP, as well as a large international bank.
Marlette Holdings is a FinTech provider whose subsidiaries develop and operate the Best Egg financial platform. The platform aims to help people feel more confident about their everyday finances. Since March 2014, it said it has delivered over $16bn of consumer loans with strong credit performance.
Jeffrey Meiler, founder and CEO, said, “We are excited to welcome these top tier investors to Marlette. This capital round not only reflects the success and industry leading profitability of our personal loan business, but also the huge potential in our recently launched Best Egg Visa Credit Card product and Best Egg Financial Health, our financial wellness tool.”
Andrew Deringer, chief capital officer of Marlette, added, “This capital raise allows us to fund our growing credit card business, explore expansions to our platform and evaluate additional strategic opportunities to create more value for our target consumer.”
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