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Mission Lane Completes Inaugural $320 Million Abs Transaction And Raises $150M In Redeemable Preferred Equity

Oct 26, 2021•over 3 years ago
Richmond

Description

Mission Lane, a purpose-driven financial technology company, today announced the closing of its debut asset backed securitization and of $150 million in redeemable preferred equity in a series led by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), an existing investor in the company, and joined by Invus, QED Investors, and LL Funds.

Company Information

Company

Mission Lane

Location

Richmond, Virginia, United States

About

Mission Lane is a purpose-driven financial services company that leverages advanced technology, data analytics, and machine learning to provide a dignified customer experience to people who are working hard to build or rebuild their credit and improve their financial lives. Mission Lane's credit cards have terms that are better and easier to understand than most of the alternatives available to people with less-than-pristine credit or limited credit history. The company's digital self-service tools also make it easier for customers to stay on top of their accounts, further helping them succeed in improving their credit scores. To date, the company has issued over a million of their best-in-class, mobile-first credit cards, earning top customer ratings on CreditKarma for their market segment. Mission Lane was established as a standalone company in December 2018. It had previously operated as the credit card division of LendUp.