Chowder, a home improvement-focused FinTech company providing flexible payment options to cash- and credit-constrained homeowners, has secured its first credit facility with Coromandel Capital. This $25 million facility, with the option to increase, allows Chowder to more rapidly scale its contractor, distributor, and manufacturer network and expand the offering of its flexible payment options
Chowder, a home improvement-focused FinTech company providing flexible payment options to cash- and credit-constrained homeowners, has secured its first credit facility with Coromandel Capital. This $25 million facility, with the option to increase, allows Chowder to more rapidly scale its contractor, distributor, and manufacturer network. Chowder will also be able to expand the offering of its flexible payment options to the 25 million-plus homeowners who have limited or no access to credit for vital home improvement purchases.
About 1 out of 2 homeowners gets declined by traditional financing options when applying for home improvement projects. With an approval rate of 86%, Chowder’s lease-purchase program offers consumers flexible payment options for HVAC, water treatment systems, fences, and other critical home systems from participating home improvement contractors.
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“The ability to close Chowder’s first debt facility speaks volumes to the progress we’ve made over the last year. The team at Coromandel Capital has been nothing short of amazing to work with,” said Danny Collier, Co-Founder and CEO, Chowder
“We are ecstatic to partner with Chowder. The team has deep roots within critical functions in specialty finance and FinTech, and are addressing unmet needs in large markets,” said Rob McGregor, Co-Founder and Managing Partner, Coromandel Capital.
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Chowder, a privately owned company headquartered south of Atlanta with offices in Costa Rica, is a FinTech company bringing flexible payment options to the home improvement space for cash- and credit-constrained homeowners. Leveraging proprietary technology, automation, and an 86% customer approval rate, Chowder’s core platform gives cash- and credit-constrained homeowners access to the critical home improvement systems they need and helps contractors close more sales.
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