Progressa, a Vancouver and Toronto based financial technology company, has partnered with the Alternative Credit Fund to facilitate up to a $13 million forward flow whole loan purchase program to support the company’s growing Point-of-Sale finance business called Progressa Connect.
Progressa CFO Kiya Hushyar, CA said:
“Coming off the heels of an $84 million debt and equity fundraise, the Company plans to utilize this new facility from the Alternative Credit Fund in tandem with its existing whole loan sale securitization facilities in order to securitize a wider net of monthly receivables and drive down its blended cost of capital.”
Progressa Connect is the only publicly available API in Canada for offering non-prime credit, providing connectivity to both Progressa’s proprietary credit score and its core lending business and servicing platform, allowing Point-of-Sale platforms and originators to offer credit solutions to non-prime consumers in a ‘turnkey’ way. Today Progressa’s platform partners serve Canadian merchants with several thousand storefronts across the country.
About The Alternative Credit Fund
The Alternative Credit Fund is a Vancouver-based specialty credit fund targeting niche opportunities in consumer lending sectors underserved by institutional capital. The Fund provides flexible liquidity to some of Canada’s most exciting financial technology companies.
Named by CB Insights to the 2018 Fintech 250, a list of the world’s top fintech startups, Progressa is Canada’s fastest growing financial technology lender focused on changing the way pay cheque to pay cheque Canadians access and build credit. Since 2013, our mission has been to build a socially responsible consumer finance company that encourages borrowing for the right reasons and that Canadians can be proud of. Our enterprise solutions suite, driven by the 4th Generation Progressa Score™, is built for collection agencies and point of sale finance.
We empower collection agencies to offer proactive solutions and drive healthy recoveries while protecting brand loyalty with industry leading NPS and servicing. For point of sale finance we allow platform partners and other originators to expand their merchant offerings to service non-prime consumers and achieve industry leading approval rates.