VPC Provides $50MM Applied Data Finance Facility
Victory Park Capital provided a $50 million credit facility to Applied Data Finance.
Victory Park Capital invested in Applied Data Finance (ADF or the company), an early-stage provider of online consumer credit. This facility will provide the growth capital necessary as the company looks to launch its suite of lending products in the second quarter.
In addition to providing ADF’s first institutional credit facility, VPC will also provide an equity investment to fund working capital in advance of the company’s Series A round expected later this year.
“We are very excited to partner with Krishna [Gopinathan] who is truly a pioneer within the financial services industry in fraud prevention and evaluating consumer credit risk. With our facility in place, ADF is well capitalized for growth out of the gate and will be well positioned to gain market share throughout 2016,” said Tom Welch, principal at Victory Park Capital. “Krishna has surrounded himself with a highly-experienced executive team and we are excited to see how the platform scales over time while the overall lending ecosystem continues to evolve.”
“Victory Park is a clear leader in the structured finance lending market and this credit facility represents an important milestone for our Company,” said Krishna Gopinathan, president of ADF. “We appreciate their confidence in ADF and look forward to working together.”
ADF, through its brand “Personify Financial,” is the trusted financial partner for the underestimated under-banked.