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MidCap Closes $100MM Credit Facility for Fintech Kashable

October 17, 2018, 08:01 AM
Filed Under: Lender Finance

Kashable, a leading alternative consumer lending solution, announced that it has secured a $100 million credit facility from MidCap Financial, a premier specialty finance firm managed by Apollo Capital Management, L.P. focused on delivering flexible and creative capital solutions. This credit facility supports Kashable’s growth and accelerates the Company’s ability to extend affordable financing to consumers across the United States.

Kashable’s enhanced underwriting and repayment processes allow employees to access Socially Responsible Credit™, which is typically their most competitive unsecured borrowing option in the market.

Kashable serves employees of large public and private companies across a wide range of industries, from manufacturing to information technology, education, healthcare and municipalities.

The Company approves the vast majority of its applicants at participating employers, therefore catering to all wages and across the credit spectrum. In doing so, Kashable increases inclusion in mainstream financing to employees, who would otherwise have little to no affordable emergency financing options, and the broader workforce can enjoy the lower interest rates that come with Kashable’s underwriting efficiencies. Across the board, the Company presents an intelligent alternative to 401(k) loans, high interest credit cards and pay advances to all employees.

Einat Steklov, Co-Founder of Kashable said, “We are excited to partner with the team at MidCap to deliver better financing solutions to working Americans and to support employers in their mission to provide employees with effective financial wellness through their employee benefit package. Our new relationship with MidCap provides us the financial resources to roll out Kashable through benefit administration platforms, marketplaces, and through industry brokers.”

JD Gettmann, Managing Director at MidCap said, “We recognized Kashable’s ability to bring an inventive, thoughtful approach to consumer financing. Using its proprietary, cloud-based technology, Kashable was able to quickly achieve significant market penetration by delivering low-cost personal loans to consumers across a broad spectrum of credit, wages and employers. Kashable presented us with an efficient and sustainable business model for affordable unsecured personal loans. We are excited to partner with Einat, Rishi and the rest of the Kashable team.”

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