BMG Money secured a $300 million financing facility with Utah-based WebBank, a national issuer of consumer credit products, and Waterfall Asset Management. This new facility, combined with BMG Money’s existing warehouse lines and forward flow arrangements, brings the company’s total financing capacity to approximately $1 billion, positioning BMG Money to significantly expand access of responsible credit solutions to financially underserved employees across the United States.
The new financing facility will provide BMG Money with enhanced flexibility and capacity to meet surging demand from employees seeking alternatives to traditional lending options, which often include high interest rates and fees.
“Reaching approximately $1 billion in total financing capacity is a transformational milestone for BMG Money and, more importantly, for the millions of working Americans who struggle to access fair credit,” Kieran Noonan, president and CEO at BMG Money, said. “Our expanded partnership with WebBank demonstrates strong confidence in our mission and our proven ability to responsibly serve underserved borrowers. With this additional capacity, we can help even more employees avoid debt traps and build toward financial wellness. … Nearly 106 million U.S. adults lack adequate access to credit, and nearly half of Americans report that financial stress has severely impacted their lives. This facility gives us the resources we need to make a meaningful difference for working families who deserve better options than what the traditional financial system has offered them.”
Jason Lloyd, president and CEO of WebBank, said, “We are proud to expand our partnership with BMG Money through this new facility. BMG Money continues to demonstrate innovation and meaningful impact in supporting financial inclusion. This expanded partnership will help broaden access to financial solutions for working Americans and further our shared commitment of empowering consumers nationwide.”
