Capital will support Best Egg’s Visa Credit Card, Platform Expansion & Strategic Acquisitions
Best Egg, the machine learning powered, online credit and financial wellness platform that is owned and operated by Marlette Holdings, Inc, announced that it has secured $225 million in committed preferred equity capital. The Series E capital round was led by the Healthcare of Ontario Pension Plan (HOOPP), which manages over $80 billion in assets, with participation from investment funds advised by Davidson Kempner Capital Management LP, as well as a large international bank.
“We are excited to welcome these top tier investors to Marlette,” said Jeffrey Meiler, founder and CEO. “This capital round not only reflects the success and industry leading profitability of our personal loan business, but also the huge potential in our recently launched Best Egg Visa® Credit Card product and Best Egg Financial Health, our financial wellness tool.”
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Best Egg had a record-breaking year in 2021, with $300 million in revenue and $4.6 billion of personal loans facilitated. In 2021, Best Egg also launched two new products including the Best Egg Visa® Credit Card and the free-to-all Best Egg Financial Health tool. Best Egg has facilitated over 1.1 million personal loans and already has over 23,000 Best Egg Visa® cardmembers. Further, Best Egg Financial Health has welcomed more than 149,000 members, who are leveraging the website to improve their financial wellness. Best Egg anticipates continued growth and innovation in 2022 and beyond with a focus on helping consumers feel more financially confident and providing simple products and resources that help them with the challenges they face in their everyday finances.
“Marlette is a FinTech market leader with a proven track record for growing the business, delivering strong customer service and generating consistent results,” said Jennifer Shum, AVP, derivatives & fixed income, HOOPP. “HOOPP is pleased to be a financial partner and to support Marlette’s continued innovation and growth, which will serve their customers while also helping to deliver retirement security to HOOPP members.”
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Marlette recently announced several management changes, including the appointment of Jason Swift as president of Best Egg credit card services. The Best Egg Visa® Credit Card provides access to credit for Americans with little or no savings who wish to build or rebuild their credit. Product features include state-of-the-art fraud protection, no annual fees, and spending controls.
“This capital raise allows us to fund our growing credit card business, explore expansions to our platform and evaluate additional strategic opportunities to create more value for our target consumer,” said Andrew Deringer, chief capital officer of Marlette.
Guggenheim Securities LLC and Simpson Thacher & Bartlett LLP served as financial and legal advisors, respectively, to Marlette in this transaction.
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