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Credit Suisse Affiliate Arranges up to $100MM Debt Facility for LendingUSA

October 17, 2018, 07:14 AM
Filed Under: Lender Finance

LendingUSA, a leading financing provider specializing in point-of-need solutions for merchants, has announced the closing of a $50 million debt facility. Sector Financial, an affiliate of Credit Suisse, one of the world's leading financial services providers, provided access to the Credit Suisse debt facility, with an accordion for up to an additional $50 million.

The announcement follows a previous $60 million debt facility provided by CapitalSource, a division of Pacific Western Bank, in November 2017. The company has also received funding from OLP and DLI for a total of over $320 million in debt and equity investments.

LendingUSA offers point-of-sale and online loans ranging from $1,000 to $35,000. Its platform is designed to make offering financing as seamless and convenient as possible for merchants, with a fast process and low merchant fees. The company serves several industries and is exclusively endorsed by several respected trade organizations, including the National Funeral Directors Association and the American Academy of Cosmetic Surgery.

LendingUSA is one of the leading Fintech companies offering point-of-sale financing for merchants, and in April was selected as the "Emerging Lending Platform of the Year" at the 2018 LendIt USA conference in San Francisco.

"The commitments we have received support LendingUSA's innovative and sound business model, which will be key to our future growth. I'm incredibly excited for what's in store for our company," says Camilo Concha, founder and CEO of LendingUSA.

"This debt facility plays an integral role in helping to expand LendingUSA's debt financing capacity to allow us to accommodate additional loan originations to our customers. We look forward to working with Sector Financial and Credit Suisse," says Ron Oertell, CFO of LendingUSA.

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