Achieve lands $50m investment from Silicon Valley Bank

Achieve lands $50m investment from Silicon Valley Bank

Silicon Valley Bank (SVB), a renowned division of First Citizens Bank, has granted a $50m warehouse facility to Achieve, a leading digital personal finance entity.

Positioned as an authority in the FinTech landscape, Achieve offers services ranging from personal loans for cash flow and debt assistance, to home equity lines of credit, and a host of educational tools and resources in finance.

The funding facility, a product of SVB’s national FinTech practice, is earmarked to bolster Achieve’s Home Equity Line Of Credit (HELOC) programme. This initiative aims to aid homeowners burdened with unsecured debt to navigate high interest rates by tapping into a portion of their home’s equity, consolidating their debt, lowering payments, and thus enhancing their cash flow.

Launched in 2019, the Achieve Home Loans’ HELOC programme has facilitated an average annual saving of almost $10,000 for borrowers, in contrast to their previous unsecured debt payments.

The newly procured funds are to be directed towards serving more everyday people with Achieve’s unique HELOC program, which seeks to combat the financial challenges posed by high interest rates and inflation. This is achievable by allowing customers to draw from their existing home equity.

In addition, Achieve’s CFO, Ralph L. Leung said, “Through our continued strong relationship with SVB, we look forward to being able to serve more everyday people with our differentiated HELOC programme.”

The company has been recognised for offering innovative products and tailored solutions that aid consumers in debt reduction, improving cash flow, saving money, and ultimately, reaching a better financial future. This sentiment was echoed by Brian Foley, Head of Warehouse and FinTech Relationship Management, who lauded Achieve as a national leader in FinTech innovation and expressed SVB’s pride in its enduring relationship with Achieve.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.