Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced a $50 million financing facility, with an ability to increase the facility up to $100 million, to fund continued growth of the Today Card product—a lower priced option for credit constrained consumers. The financing facility for the Today Card 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 lower Elevate’s overall cost of capital.
“To continue that growth, we have announced a new lower cost credit facility. Park Cities has demonstrated a deep understanding of our space. I am pleased to both diversify our financing and promote our platform’s ability to serve non-prime consumers at even lower APRs.”
“The Today Card has seen outsized demand and has been the fastest growing brand over the last 12 months,” said Elevate CEO, Jason Harvison. “To continue that growth, we have announced a new lower cost credit facility. Park Cities has demonstrated a deep understanding of our space. I am pleased to both diversify our financing and promote our platform’s ability to serve non-prime consumers at even lower APRs.”
Read More: Bank of Sun Prairie Partners with 360 View to Empower Their Customer Relationship-Focused Culture
“Elevate is changing the game for non-prime Americans. We are proud to partner with a mission driven organization and help enable their growth,” said Park Cities Managing Partner, Alex Dunev. “This facility helps continue to bolster lower cost and consumer friendly products on the Elevate platform.”
Today Card was designed with prime features to help expand access to credit for non-prime consumers with a credit card product that promotes responsible use. The Today Card Mastercard offers benefits such as fraud control, family share, and flexible payment terms to non-prime Americans.
Read More: Abra Launches Token-Based Rewards Program for Customers Powered by Crypto Perx (CPRX)
[To share your insights with us, please write to sghosh@martechseries.com ]
