LendingPoint Consolidated, parent of the financial technology platform LendingPoint, closed an up to $110 million, five-year corporate mezzanine credit facility with new partners MidCap Financial Trust, managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment. This facility follows a recent $125 million preferred equity investment from Warburg Pincus, a private investment firm, in LendingPoint.
“We are delighted with the confidence in LendingPoint MidCap and Apollo have shown in entering into this five-year facility. This relationship will be an important part of our growth strategy, enabling us to facilitate responsible credit and unlock the power of financial possibility for the greatest number of consumers and businesses as possible,” Tom Burnside, CEO of LendingPoint, said. “We closed out 2020, our second consecutive profitable year, with a focus on building an AI-driven buying and selling ecosystem wherein data drives pricing, discounting and offer presentation to the right consumers and businesses at the right time, streamlining, accelerating and democratizing commerce.”
“We have followed LendingPoint since its inception and their platform has consistently executed at the highest level. We are excited to partner with the LendingPoint team as they continue to provide access to capital for consumers and small businesses across the country,” JD Gettmann, head of lender finance at MidCap, said.