US-based credit provider Viva Finance has secured over $220 million in capital to expand its lending operations.
The funding consists primarily of a debt facility from Community Investment Management, a Californian impact investing firm, complemented by equity investments from both new and existing unnamed backers.
Founded in 2019 by Jack and Hodges Markwalter and headquartered in Atlanta, Viva Finance focuses on serving Americans typically overlooked by conventional credit models. The company offers personal loans up to $10,000, with underwriting decisions based predominantly on employment information rather than traditional credit history indicators.
Since the launch of its lending platform in 2020, Viva claims to have provided loans to “tens of thousands of borrowers” across the US, originating more than $250 million in payroll-deducted loans.
According to Viva, the new capital injection will be used to “reach new customer segments and continue expanding nationwide”, alongside supporting the enhancement of its product offerings and expansion of employer partnerships.
Source: https://www.fintechfutures.com/
