LendingPoint, a FinTech direct loan provider, announced signing an additional credit facility for $5 million of incremental financing with Aeterna Capital Partners. The company said this new announcement comes on the heels of the recent funding capacity up to $100 million with funds managed by Ares Management. With such robust funding, LendingPoint is solidly on the path to further its mission to help fair credit consumers unlock access to affordable loans.

Tom Burnside, CEO of LendingPoint said, “This next wave of funding shows our process and people are really making a mark in the underserved credit marketplace. Not only will this additional capital help even more fair credit consumers get better loans, it assures our nationwide expansion, making loans available to more than 50% of the U.S. population by the end of the year.”

Patrick McCloskey, managing partner, Aeterna Capital Partners, said “We’ve been looking to enter the consumer credit sector and are excited by the opportunity to partner with the LendingPoint team. The industry continues to evolve and LendingPoint has been very deliberate in not only establishing their capital base, but also building best-of-class infrastructure to compete for the long haul.”