Acquire Credit score, a UK sub-prime shopper lender, has secured a facility of as much as £100m from Waterfall Asset Administration to help its progress plans.
The agency stated the debt funding will allow it to proceed to develop mid-priced, accountable credit score options for individuals unable to get credit score from prime lenders and mainstream banks. It highlighted provide points within the UK shopper finance market, notably for non-prime debtors.
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“We’re excited to accomplice with Waterfall Asset Administration enabling us to help UK shoppers who may in any other case be frozen out of market,” stated Mark Fiander, chief government of Acquire Credit score. “Latest reviews from ClearScore/EY and Fair4All Finance have highlighted simply how vital a working non-prime credit score market is for individuals. We’re delighted to have the ability to play our half on this and on the similar time assist fight the rise in unlawful cash lending.”
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Waterfall Asset Administration is a New York-headquartered different asset supervisor, centered on specialty finance alternatives throughout the asset-backed securities, loans and industrial mortgage REIT sectors.
James Cuby, managing director at Waterfall Asset Administration, stated: “We’re delighted to be supporting Acquire Credit score’s progress plans within the UK market. The infusion of recent funding will help Acquire Credit score in offering underserved shoppers with entry to credit score and we’re happy that this new partnership will develop our help of the UK shopper sector.”
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