Credibly, a leading fintech lending platform for small and medium-sized businesses, announces its 2021 acquisition of ProApprove, a specialty finance company offering home improvement financing solutions to homeowners with prime, near-prime, and non-prime credit. ProApprove, now powered by Credibly’s industry-leading data science, technology, and risk management expertise, originates installment contracts through its growing network of home improvement contractors, helping those contractors drive significant revenue growth by enabling them to sell their products and services to homeowners across the credit spectrum.
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Concurrently, Credibly reached an agreement with Castlelake, a global alternative investment firm with 17 years of experience investing in asset-rich opportunities, for the purchase of up to $350 million in home improvement installment contract receivables originated by ProApprove. ProApprove will service the receivables it sells to Castlelake.
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“Through conversations with contractors who obtain financing from Credibly, we identified a significant market opportunity in the home improvement space,” said Ryan Rosett, co-founder and co-CEO of Credibly. “We believe our agreement with Castlelake will accelerate our expansion efforts by providing contractors with confidence that they can offer flexible financing solutions to all of their customers. Contractors who offer financing solutions through ProApprove will no longer need to turn down sales due to a homeowner’s inability to pay for a project upfront, helping those contractors grow their book of business,” Rosett added.
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