Achieve, a California-based FinTech which provides digital personal finance solutions, has secured a $225m debt facility.
According to a report from FinTech Futures, O’Connor Capital Solutions and an ‘unnamed multi trillion dollar asset manager’ provided the debt facility.
Founded in 2002, Achieve has positioned itself as a leader in digital personal finance, with the aim of helping everyday people thrive.
The company offers digital financial solutions including home equity loans, personal loans and debt resolution, as well as financial education.
“From the single parent trying to catch up on bills to the entrepreneur trying to make their dreams a reality, we provide innovative, personalised financial solutions to move them towards a better financial future,” the company said.
Ralph Leung, CFO at Achieve, said the firm utilises “modern technology powered by deep data and analytics” to deliver personalised offerings to users.
Achieve said it plans to use the new funds to invest in its platform technology, boost its marketing and fuel the research and development of new solutions.
Leung added that the new partnership with firms such as O’Connor Capital Solutions “speeds our growth of existing products, supports development of new solutions and brings our capabilities to market through our new brand”.
Earlier this year, financial management app Cleo raised $80m in funding from Sofina, a Belgium-based investment firm.
The funding round has increased Cleo’s valuation fivefold to around $500m, according to a report from City A.M.
Funds from the round will help Cleo expand its services and hire more staff.
Cleo is a personal finance app and chatbot that helps users’ budget better, build credit and escape overdrafts. It has various tools to make savings much easier for people. For example, it enables automated savings, rounding spends to the nearest dollar and saving the change, setting goals, and putting fines in to help avoid unwanted spending.
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