Credibly Announces The Acquisition Of Proapprove And The Closing Of A $350 Million Forward Flow Agreement For The Purchase Of Home Improvement Installment Contract Receivables
Credibly Announces The Acquisition Of Proapprove And The Closing Of A $350 Million Forward Flow Agreement For The Purchase Of Home Improvement Installment Contract Receivables
06/13/22, 1:02 PM
Credibly, a leading fintech lending platform for small and medium-sized businesses, today announces its 2021 acquisition of ProApprove, a specialty finance company offering home improvement financing solutions to homeowners with prime, near-prime, and non-prime credit. ProApprove, now powered by Credibly’s industry-leading data science, technology, and risk management expertise, originates installment contracts through its growing network of home improvement contractors, helping those contractors drive significant revenue growth by enabling them to sell their products and services to homeowners across the credit spectrum.
Company Info
Company info
Credibly is a data science-driven fintech lending platform that improves the speed, cost, experience, and choice of capital for small and medium-sized businesses (SMBs). The company offers partnership opportunities that include balance sheet, syndication, and off-balance sheet funding options, while offering its synergy, white label, and investor partners access to its robust data science capabilities.
Founded in 2010, Credibly has provided more than $2 billion in capital to SMBs, while maintaining a strong emphasis on risk management and a culture of compliance. In 2017 Credibly became the first company in its space to acquire servicing rights to another alternative lender’s portfolio ($250 million). Credibly was chosen for its proven collections success and its approach in measuring and managing risk. Since then, Credibly has sustained its growth, maintaining operations throughout the entirety of the COVID-19 pandemic, and continuing on to post record origination numbers.
Credibly’s headquarters are in Southfield, Michigan, with offices in New York and Arizona. For more information, please visit www.credibly.com.