Castlelake, a global alternative investment firm specializing in asset-based opportunities, and Vervent, a fintech servicing company, entered into a forward flow agreement whereby certain Castlelake funds and affiliates will provide up to $180 million to Vervent and its affiliates. Under the terms of the agreement, affiliates of Vervent will use the funds to finance origination for its Revvi, Total Card and First Access unsecured credit card programs.
“Castlelake is pleased to continue supporting Vervent’s efforts to provide access to high quality non-prime credit card programs,” John Lundquist, partner, specialty finance at Castlelake, said. “Further, we believe this transaction enables our investors to gain interesting exposure to the sizable consumer credit opportunity set.”
“We are pleased to enter into another agreement with Castlelake to help meet the increasing demand for full-service credit cards for non-prime consumers,” Joseph Noe, chief credit officer of Vervent, said. “Vervent is committed to increasing access to credit for underserved consumers and we believe our strategic relationship with Castlelake continues to drive that vision and help customers in need.”
