Atlanta-based FinTech direct loan provider, LendingPoint, announced on Wednesday the signing an additional credit facility for $5 million of incremental financing with Aeterna Capital Partners. This news comes on the heels of the recent funding capacity up to $100 million with funds managed by Ares Management.
With the funding, LendingPoint is on the path to further its mission to help fair credit consumers unlock access to affordable loans. CEO Tom Burnside stated:
“This next wave of funding shows our process and people are really making a mark in the underserved credit marketplace. Not only will this additional capital help even more fair credit consumers get better loans, it assures our nationwide expansion, making loans available to more than 50 percent of the U.S. population by the end of the year.”
Patrick McCloskey, Managing Partner of Aeterna Capital Partners, noted:
“We’ve been looking to enter the consumer credit sector and are excited by the opportunity to partner with the LendingPoint team. The industry continues to evolve and LendingPoint has been very deliberate in not only establishing their capital base, but also building best-of-class infrastructure to compete for the long haul.”
Luke Graham, LendingPoint’s Chief Financial Officer, added:
“There is no question that family office sourced capital is playing a larger role in private capital markets. This is an important development for businesses like ours, and Aeterna Capital is at the forefront of this trend.”