SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Applied Data Finance, LLC (ADF), a leading technology-enabled lender and asset manager, announced today that investment firm Victory Park Capital (VPC) has increased its existing credit facility with ADF from $50 million to $75 million and extended it through 2021.
Additionally, ADF raised $6.5 million in a convertible note round from a combination of existing and new equity investors, increasing the total equity raised to $32.3 million.
“Victory Park has been a great partner for us, and we are pleased to renew and extend our relationship. This news, combined with the additional capital raised through the convertible note round will further strengthen our ability to serve the under-banked,” said Krishna Gopinathan, Founder, Co-Chief Executive Officer at ADF.
ADF will use the added debt and equity funding to continue to scale its successful Personify Financial online lending platform. Personify provides unsecured personal loans for underestimated underbanked consumers.
About Applied Data Finance
ADF, through its Personify Financial brand, is the trusted financial partner for thousands of underestimated under-banked consumers. Combining state-of-the-art technology and world-class application of advanced data science and machine learning, ADF is setting a new standard for assessing non-prime borrower credit risk. Learn more at www.applieddatafinance.com and www.personifyfinancial.com.
About Victory Park Capital Advisors
VPC is an alternative investment firm with a focus on providing privately negotiated debt and equity capital solutions to small and middle market companies across a wide range of industries. We target fundamentally sound businesses in need of liquidity and/or capital structure transformation and often take a leadership role in the financial restructuring process. VPC’s offerings leverage the firm’s special situations and credit structuring expertise and differentiated deal origination capabilities. The firm was founded in 2007 and is headquartered in Chicago, with resources in New York, Los Angeles and London. VPC is privately held and a Registered Investment Advisor with the SEC. For more information visit: www.victoryparkcapital.com.