VIRGINIA BEACH, Va.--(BUSINESS WIRE)--FinFit Ops LLC (“FinFit” or the “Company”), a FinTech company that provides over 80,000 American companies with a unique financial wellness benefit platform, is pleased to announce the closing of a $35 million senior credit facility with Ares Management. FinFit has the ability to increase the senior credit facility to $70 million. This capital raise follows a $16 million investment from Bison Capital Partners in December 2016. Keefe, Bruyette & Woods, a Stifel Company acted as exclusive financial advisor for the senior credit facility.
The proceeds of this senior credit facility, together with the equity previously invested by Bison Capital Partners, will be used to expand the Company’s ability to offer financial wellness benefit programs and short-term financial assistance to employees across the USA. “We are very pleased with this transaction and partnership with Ares,” said David Kilby, President of FinFit. “It will allow us to dramatically expand our reach and assist us in achieving our goal of increasing financial wellness one employee at a time.”
FinFit improves productivity at companies by helping employees become more financially fit. According to the Center for Financial Services Innovation (CFSI), 57% of American workers are financially stressed. This financial stress can result in 50% greater health care costs and up to $300 billion in lost revenue nationwide due to turnover, absenteeism and loss of productivity.
Unlike programs that offer financial wellness consulting or education only, FinFit provides a complete solution that starts with a proprietary personalized financial assessment and financial fitness workout plan. Game-based education and budgeting applications are also included, along with a short-term loan option to assist the 46% of Americans who do not have $400 for an emergency. FinFit’s loan program is designed to help individuals solve short-term problems without having to use the limited options in the marketplace today.
FinFit’s training platform treats each employee like the unique individual they are. After a quick financial assessment they are directed quickly to game-based education and resources they need to improve their financial fitness. FinFit is designed to be easy-to-use and make the road to financial wellness fun and transparent.
In 2017, over 80,000 companies gained access to the platform and FinFit sees tremendous potential in helping companies become more profitable by helping workers become happier and less stressed about their finances.
Sources;
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International Stress Management Association 2001 -
$300 Billion – Cost of STRESS resulting in turnover, absenteeism and loss of productivity -
The Center for Employee Health Studies (UIC-2014)
50% Greater health-care costs for workers reporting high level of financial stress
About FinFit
FinFit has grown to be the nation’s largest financial wellness benefit platform with over 80,000 companies having access, providing a self-directed online experience that lets employees measure their financial fitness and provides fun, directed education and tools that drive real results. FinFit also provides affordable short-term loans that provide real-world help when it is needed most. FinFit has become a powerful way for employers to attract and retain talent by helping employees get their mind off their financial problems and stay focused on work.
FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $106 billion of assets under management and approximately 1,000 employees as of September 30, 2017. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares seeks to deliver attractive performance to its investor base across its credit, private equity and real estate strategies. The firm is headquartered in Los Angeles with offices across the United States, Europe, Asia and Australia. Its common units are traded on the New York Stock Exchange under the ticker symbol "ARES".
About Bison Capital Partners
Bison Capital Partners is a Los Angeles and New York based private equity firm that makes growth-oriented investments in middle-market companies for expansion, acquisitions and balance sheet recapitalizations. The firm’s primary investment approach is partnering with entrepreneurs and management teams seeking capital to grow their businesses.
About KBW
KBW (Keefe, Bruyette & Woods, Inc., operating in the U.S., and Stifel Nicolaus Europe Limited, also trading as Keefe, Bruyette & Woods Europe, operating in Europe) is a Stifel company. KBW is a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors. Founded in 1962, the firm maintains industry‐leading positions in the areas of research, corporate finance, mergers and acquisitions as well as sales and trading in equities securities of financial services companies.
