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Elevate secures USD545m expanded credit facility from Victory Park Capital

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Elevate, a provider of online credit solutions for non-prime consumers, has increased its credit facility with Victory Park Capital (VPC), a privately held registered investment adviser dedicated to alternative investing, by an additional USD100 million to a total of USD545 million.

The company will use the additional capital to support the rapid growth of its credit products in the US and UK and for further investment in its suite of online credit solutions.
“Elevate has become a clear leader in this space and we are excited to support their growth,” says Tom Welch (pictured), principal at Victory Park Capital. “We view Elevate as a best-in-class platform that is mission-driven in providing underserved consumers with transparent and responsible credit products.”
“Despite market turmoil in the online lending space over the past few months, Elevate has continued to benefit from high consumer demand for its products and has experienced year-over-year loan portfolio growth of more than 80 per cent since Q1 2015,” says Ken Rees, CEO of Elevate. “We believe that more responsible non-prime credit products like RISE, Elastic and Sunny are making a positive difference in the lives of our customers who often struggle with limited financial options. This expanded credit facility with Victory Park Capital will help us continue to serve this growing consumer need.”
Elevate has originated more than USD3 billion in nonprime credit to 1.4 million consumers to date.

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