Elevate Announces New Financing Facility for Today Card | Business
FORT WORTH, Texas – (BUSINESS WIRE) – October 13, 2021–
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced a $ 50 million financing facility. dollars, with the option of increasing the facility up to $ 100 million, to fund the continued growth of the Today Card product, a cheaper option for credit-strapped consumers. The Today Card funding facility is provided by Park Cities Asset Management LLC (“Park Cities”), an alternative investment firm focused on providing flexible debt solutions. The new financing facility will reduce Elevate’s overall cost of capital.
“The Today Card has seen tremendous demand and has been the fastest growing brand over the past 12 months,” said Jason Harvison, CEO of Elevate. “To continue this growth, we announced a new lower cost credit facility. Park Cities has demonstrated a deep understanding of our space. I’m happy to both diversify our funding and promote our platform’s ability to serve unprivileged consumers at even lower APRs.
“Elevate is a game-changer for unprivileged Americans. We are proud to partner with a mission-driven organization and to contribute to their growth, ”said Alex Dunev, Managing Partner of Park Cities. “This installation allows us to continue to strengthen the lower cost and user-friendly products on the Elevate platform. “
About the Today card
Today Card was designed with top-notch features to help expand access to credit for unprivileged consumers with a credit card product that promotes responsible use. The Today Card Mastercard offers benefits such as fraud control, family sharing, and flexible payment terms to unprivileged Americans. For more information see Aujourd’huicard.com.
About the elevation
Elevate (NYSE: ELVT), working with the banks that license its marketing and technology services, has to date granted $ 9.2 billion in unprivileged credit to more than 2.6 million non-privileged consumers. privileged customers and has saved its clients over $ 8.5 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit products include RISE, Elastic and Today Card. For more information, please visit http://corporate.elevate.com.
About park cities
Park Cities Asset Management, LLC is an alternative credit manager focused on deploying capital across all asset classes in the specialty finance and fintech industries. Park Cities and its predecessor have been investing for over a decade and are led by Alex Dunev and Andy Thomas. Park Cities provides investment advice through its SEC-registered investment advisor, Park Cities Advisors, LLC. For more information on Park Cities, please visit www.parkcitiesmgmt.com.
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CONTACT: Investor Relations:
Sloan Bohlen, 817-928-1646
Laurie Steinberg, 845-558-6370
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL BANKING SERVICES
SOURCE: Elevate Credit, Inc.
Copyright Business Wire 2021.
PUB: 10/13/2021 4:15 PM / DISC: 10/13/2021 4:17 PM
Copyright Business Wire 2021.