LendingPoint Gets Even More Financing
LendingPoint announced today that it has closed an increase of its mezzanine funding, a hybrid of debt and equity financing. The company’s mezzanine financing now totals more than $67.5 million. Paragon Outcomes Management LLC is the primary investor and was joined for this round by an unnamed co-investor.
“Paragon Outcomes continues to provide outstanding support for the growth of the LendingPoint platform and balance sheet,” said Tom Burnside, LendingPoint co-founder and CEO. “Their support enables us to continue to build our high performing balance sheet and fuels our march towards profitability quarter. To have companies like Paragon Outcomes want to be part of our future is a strong wind at our back.”
This is a continued expansion of an initial credit facility from Paragon Outcomes for $20 million in 2017, followed by an increase to $52.5 million in June 2018.
LendingPoint provides consumer loans of up to $25,000 and has a platform, called LendingPoint Merchant Solutions, that allows merchants to offer loans to their customs for point-of-sale purchases.
In addition to today’s announcement, LendingPoint also secured an up to $500 million senior credit facility in August 2017 and an up to $600 million senior credit facility in May 2018. Both deals were arranged by Guggenheim Securities.
Founded in 2014, LendingPoint is a privately held company headquartered in Kennesaw, GA with offices in San Diego, CA.Last modified: February 4, 2019