Koalafi, a consumer financing provider committed to providing innovative pay-over-time options to customers from all credit backgrounds, signed a multi-million secured debt facility from Forbright Bank. This facility helps Koalafi rapidly scale and expand loan originations to a broader range of consumers through its first-in-kind, single financing solution, which launched nationwide last year.
With Koalafi, consumers from all credit backgrounds can apply for payment plans through a single streamlined application in store and online. “Before this unprecedented offering, merchants faced a number of headaches with the financing solutions available,” Rob Finnegan, CEO and co-founder of Koalafi, said. “A patchwork of different providers, long applications and inconsistent customer UX have created friction at checkout, causing would-be customers to abandon the transaction. Our single application removes these friction points, allowing consumers to seamlessly discover the right-fit payment plan on the first try.
“This credit facility with Forbright ensures we can quickly scale our loan funding volume to offer our dramatically simplified financing approach to more businesses and their customers.”
“Koalafi has a strong lending track record and Forbright is excited to help the company continue to scale its lending platform with an increasing focus on serving prime and near prime consumers and home improvement businesses,” Kenny Elias, president of specialty lending at Forbright, said.
