Best Egg, a prominent FinTech focused on financial confidence, has announced a significant milestone with the successful arrangement of a $1bn purchase facility.
The funding, led by funds managed by AB CarVal affiliates, aims to bolster the company’s ability to offer vehicle equity loans. These loans allow individuals to use their car’s value as collateral, providing a practical solution for accessing funds.
Best Egg chief financial officer Andrew Deringer said, “This funding from AB CarVal means we can help more people who need a smart and cost-effective way to handle debt or pay for important expenses.
“We’re committed to making it easier for people with limited savings to access money when they need it, and this partnership helps us do just that.”
Best Egg has established itself as a reliable provider in the FinTech space, having delivered over $30bn in personal loans over the past decade. The company recently earned accolades from NerdWallet as the best choice for personal loans for borrowers with good credit. Additionally, it has been ranked among the top 10 for customer satisfaction by J.D. Power for two consecutive years.
The $1bn purchase facility features AB CarVal’s commitment to acquiring a fixed portion of the loans within Best Egg’s vehicle equity loan program. This support will facilitate the company’s expansion in this strategic area, allowing it to reach more customers who need flexible financing solutions.
AB CarVal principal Angie Fenske said, “As long-time investors in asset-based financial products, we are pleased to support Best Egg’s growth, recognizing how important it is to work with companies that prioritize responsible lending in today’s economy.”
Best Egg continues to innovate with a growing suite of personal loans, flexible rent options, and financial health tools, all designed to empower customers with limited savings to achieve financial confidence.
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