DALLAS--(BUSINESS WIRE)--Redpoint Capital Group, LLC (“Redpoint”), an alternative investment company focused on providing financing across an array of asset-based strategies, announced it has entered into two additional Credit Agreements with two separate wholly owned subsidiaries of Elevate Credit, Inc.
Rise Credit Service of Ohio, LLC entered into a Credit Services Agreement with Redpoint Asset Funding Ohio, LLC ("Redpoint Ohio") whereby Rise Credit Service of Ohio, LLC acts as a credit service organization on behalf of consumers for certain loans originated, funded and collected by Redpoint Ohio.
Furthermore, Rise Credit Services of Texas, LLC, a wholly owned subsidiary of the Company, entered into a Credit Services Agreement with Redpoint Capital Asset Funding, LLC ("Redpoint") whereby Rise Credit Services of Texas, LLC acts as a credit access business on behalf of consumers for certain loans originated, funded and collected by Redpoint.
In addition to the agreements with Redpoint and Redpoint Ohio described above, Rise Credit Services of Texas, LLC, Rise Credit, LLC and the Company also entered into new guarantees of certain receivables of the Company and its subsidiaries held by Redpoint and Redpoint Ohio.
These agreements represent Redpoint’s second and third transactions with Elevate Credit, Inc. Redpoint’s involvement as an additional new lender in the amended terms of the US Term Note facility were previously disclosed in Elevate’s Form 10-Q filed back on May 18, 2017.
About Redpoint Capital
Redpoint Capital Group, LLC is an alternative investment company focused on managing and deploying capital into Specialty Finance and FinTech markets through asset-based lending transactions. Redpoint focuses on delivering attractive risk-adjusted returns to its clients through privately negotiated deals with middle market companies. Our firm is managed by experienced executives with decades of experience operating finance companies, investing capital as lenders and investors, and advising companies across capital markets activities.