LendingPoint, a data and technology platform dedicated to democratizing credit and accelerating commerce, announced on Tuesday the closing of an up to $110 million, 5-year corporate mezzanine credit facility with new partners MidCap Financial Trust (MidCap), managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment Corporation (NASDAQ: AINV).
Speaking about the facility, Tom Burnside, CEO of LendingPoint, stated:
“We are delighted with the confidence in LendingPoint MidCap and Apollo have shown in entering into this 5-year facility. This relationship will be an important part of our growth strategy, enabling us to facilitate responsible credit and unlock the power of financial possibility for the greatest number of consumers and businesses as possible.”
JD Gettmann, Head of Lender Finance at MidCap, added:
“We have followed LendingPoint since its inception and their platform has consistently executed at the highest level. We are excited to partner with the LendingPoint team as they continue to provide access to capital for consumers and small businesses across the country.”
As previously reported, LendingPoint explained that it is committed to redefining who is able to access money at fair rates, and empowering consumers to build financial momentum.
“[LendingPoint] uses data, technology, and a scalable platform to deliver installment loan options to consumers and small business owners who have requested financial solutions directly or through thousands of merchant partnerships and integrated ecommerce platforms. From its first loan in 2015, through December 2020, LendingPoint has originated over $2.5 billion.”
LendingPoint recently announced it secured a $125 million growth investment from global private equity firm, Warburg Pincus. Last year, LendingPoint launched SDKn, a proprietary technology that creates an instant consumer credit pre-approval platform for businesses of all sizes; enhanced its buy now, pay later merchant platform; and partnered with a leading global e-commerce platform to provide small business capital to their sellers.