Achieve, a personal finance fintech, has raised a new debt facility totalling $225 million.
The capital will be used by Achieve to improve the user experience on its platform, increase marketing and to support the research and development of new technologies.
O’Connor Capital Solutions, the private credit unit of UBS O’Connor, participated in the debt facility.
Commenting on the capital raised, Ralph L Leung, chief financial officer at Achieve, said: “This partnership with high-calibre institutions like UBS O’Connor speeds our growth of existing products, supports development of new solutions and brings our capabilities to market through our new brand.”
Achieve recently announced a significant strategic initiative, including a rebrand and expanded suite of offerings, designed to better meet the needs of the 123 million consumers in the US who want to improve their financial lives.
The fintech provides personal finance solutions that are tailored for each step of a consumer’s financial journey using data analytics. They include personal loans, home loans, help with debt, and financial tools and education.
“Traditional banks and fintechs often ignore large segments of the consumer population,” explained Andrew Housser, co-founder of Achieve. “Many startups don’t have the years of experience or depth of data to develop solutions aligned with consumers’ needs or credit profile.”
Since its founding in 2002, Achieve has served more than a million consumers and has resolved or consolidated over $24 billion in debt for its members.
Achieve is headquartered in San Mateo, California, and has more than 2,700 employees across the US, with hubs in California, Arizona and Texas.
Image source: Achieve