SHERMAN OAKS, Calif., Oct. 22, 2019 /PRNewswire-PRWeb/ -- LendingUSA today announced that it has closed a new credit facility and received a total financing package of $250 Million from Atalaya Capital Management, a privately held investment advisory firm.
The announcement comes as LendingUSA, a leading point-of-sale (POS) fintech company that offers merchants a seamless financing solution with access to instant pre-approval decisions, promotional financing terms and low monthly payment options, continues to see rapid growth in its markets.
Since inception LendingUSA has grown to over 7,800 merchant clients nationwide and has processed over $2 billion in borrower loan requests. LendingUSA offers its merchant clients access to its easy-to-use platform that allows them to complete applications in a matter of minutes and receive a loan decision within seconds. Loans offered range from $1,000 up to $35,000 with low monthly payments. The company also boasts an average consumer rating of 4.8 out of 5-stars.
"LendingUSA has a mission to provide smart financing solutions for the important moments in people's lives. This latest funding commitment from Atalaya validates our innovative business model and helps fuel the continued growth of our company. I'm proud of what we have accomplished thus far and look forward to the future ahead," said Camilo Concha, Founder and CEO of LendingUSA.
This full financing suite offered by Atalaya plays an integral role in helping to expand LendingUSA's financial services capacity and allows the Company to accommodate additional loan originations for its customers.
"Atalaya continues to be a great partner for our business. We have found them to be thoughtful, creative, and relationship-oriented," says Ron Oertell, CFO of LendingUSA.
"LendingUSA is well positioned in the marketplace and we are thrilled to expand our relationship through this long-term partnership. This financing further underscores our commitment to the point-of-sale financing industry, and our interest in partnering with consumer finance companies that provide credit to consumers in a responsible way," said Raymond Chan, Partner of Atalaya Capital Management.
With this latest closing LendingUSA will be poised to accelerate its growth as well as continue its development and enhancement of new product features.
About LendingUSA
LendingUSA is an award-winning fintech company that offers smart financing solutions to consumers in specialty markets including the elective medical industry, dental care, pets, funerals, and more. LendingUSA is committed to create the best financing experience available, through its proprietary point-of-sale lending solution. LendingUSA works closely with its merchant partners, providing the tools and training they need to easily and efficiently maximize customer financing approvals and grow their business. All loans are made by Cross River Bank, a New Jersey state chartered bank, Member FDIC. For more information, visit http://www.lendingusa.com.
About Atalaya Capital Management
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes –specialty finance, real estate and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $5 billion in assets under management. For more information visit https://www.atalayacap.com/
SOURCE LendingUSA
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