FORT WORTH, Texas--(BUSINESS WIRE)--Think Finance, a developer of next-generation financial products, today announced that it has secured a $90 million credit facility from Victory Park Capital Advisors. The company will use this line of credit to fund expansion of its existing product lines and to support the development and growth of new products.
“We are excited about securing this additional source of funding enabling us to expand our innovative financial solutions for a growing market of consumers unbanked or underbanked,” said Think Finance CEO Ken Rees. “At Think Finance we believe in Banking for the Rest of Us™. Traditional banking products aren’t meeting the needs of one quarter of US households, and with major banks introducing new fees for low balance accounts, the need for affordable, convenient alternatives is greater than ever. Our goal is to provide all of the features that these 60 million underbanked consumers might need to manage life’s everyday expenses.”
Think Finance has already served more than 1 million customers through its existing products including ThinkCash, an online installment loan that rewards customers for making timely payments and helps them to build a better credit profile. The company is also beta testing its latest product, Elastic. Elastic combines the lowest cost prepaid debit card in the market with a flexible emergency cash line of credit. Soon, the product will also include an innovative savings feature, financial literacy and budgeting tools.
“Consumer response to our products has been tremendous,” Rees said. “We’ve grown by over 50% this year and we expect that growth to continue in 2011. This new credit facility will ensure that we’re able to continue this growth and provide millions of consumers with a better solution for their financial needs.”
About Think Finance
Think Finance is dedicated to providing Banking for the Rest of Us™. Our next-generation financial products provide increased convenience, transparency and value to the millions of consumers whose needs are not being met by today's banking products. We enable banks to serve these consumers profitably and responsibly by providing a complete technology, risk management and marketing platform. Think Finance's latest product, Elastic, helps customers manage life's everyday expenses by providing flexible credit and a lower-cost alternative to a traditional checking account.
Established in 2001, Think Finance has served over 1 million customers. The company is privately held and backed by some of Silicon Valley's most respected venture capital firms, including Sequoia Capital and Technology Crossover Partners. Learn more at www.ThinkFinance.com.
About Victory Park Capital
Victory Park Capital is an alternative asset management firm that combines traditional lending and progressive investing methods to deliver custom financing solutions directly to small cap and middle market companies. We help companies take advantage of their assets and cash flow to secure less dilutive financings that may not otherwise be available from conventional financing sources. Their areas of expertise include notes, debentures, convertible debt instruments, asset-based lines of credit, debtor-in-possession finance, bridge finance, acquisition finance, recapitalizations and restructurings. As a trusted partner, Victory Park can offer certainty, flexibility and speed to closing.