SHERMAN OAKS, Calif., Oct. 16, 2018 /PRNewswire-PRWeb/ -- LendingUSA, a leading financing provider specializing in point-of-need solutions for merchants, has announced the closing of a $50 million debt facility. Sector Financial, an affiliate of Credit Suisse, one of the world's leading financial services providers, provided access to the Credit Suisse debt facility, with an accordion for up to an additional $50 million.
The announcement follows a previous $60 million debt facility provided by CapitalSource, a division of Pacific Western Bank, in November 2017. The company has also received funding from OLP and DLI for a total of over $320 million in debt and equity investments.
LendingUSA offers point-of-sale and online loans ranging from $1,000 to $35,000. Its platform is designed to make offering financing as seamless and convenient as possible for merchants, with a fast process and low merchant fees. The company serves several industries and is exclusively endorsed by several respected trade organizations, including the National Funeral Directors Association and the American Academy of Cosmetic Surgery.
LendingUSA is one of the leading Fintech companies offering point-of-sale financing for merchants, and in April was selected as the "Emerging Lending Platform of the Year" at the 2018 LendIt USA conference in San Francisco.
"The commitments we have received support LendingUSA's innovative and sound business model, which will be key to our future growth. I'm incredibly excited for what's in store for our company," says Camilo Concha, founder and CEO of LendingUSA.
"This debt facility plays an integral role in helping to expand LendingUSA's debt financing capacity to allow us to accommodate additional loan originations to our customers. We look forward to working with Sector Financial and Credit Suisse," says Ron Oertell, CFO of LendingUSA.
About LendingUSA
LendingUSA's mission is to create lasting partnerships by providing innovative point-of-need financing solutions for the important moments in life. It offers financing for consumers in specialty markets including the elective medical industry, dental care, pets and pet care, and more. They are committed to creating the best point-of-need consumer financing experience available, using a proprietary lending solution that leverages both traditional and next-generation underwriting and fraud detection techniques to pre-approve loans as quickly as a few seconds. 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. For more information, visit http://www.lendingusa.com.
SOURCE LendingUSA
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