TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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January 11, 2024
Source: Businesswire
Deal finances additional cardholders in the Revvi, First Access and Total Card Visa® programs
MINNEAPOLIS & SAN DIEGO--(BUSINESS WIRE)--Castlelake, L.P., a global alternative investment firm specializing in asset-based opportunities and Vervent, a leading fintech servicing company, today announced the entry into a new forward flow agreement whereby certain Castlelake funds and affiliates will provide up to $180 million to Vervent and its affiliates. Under the terms of the agreement, affiliates of Vervent will use the funds to finance origination for its Revvi, Total Card and First Access unsecured credit card programs.
“Castlelake is pleased to continue supporting Vervent's efforts to provide access to high quality non-prime credit card programs," said John Lundquist, Partner, Specialty Finance at Castlelake. "Further, we believe this transaction enables our investors to gain interesting exposure to the sizable consumer credit opportunity set.”
Castlelake is an experienced investor in the consumer credit sector, having both acquired assets and provided asset-based private credit since 2015. The firm has invested more than $4 billion in such opportunities since that time and originated or acquired more than 17 million consumer receivable accounts.
“We are pleased to enter into another agreement with Castlelake to help meet the increasing demand for full-service credit cards for non-prime consumers," said Joseph Noe, Chief Credit Officer of Vervent. “Vervent is committed to increasing access to credit for underserved consumers and we believe our strategic relationship with Castlelake continues to drive that vision and help customers in need."
Click to learn more about the Revvi, Total Card and First Access credit card programs.
About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on investments in real assets, specialty finance and aviation across the risk spectrum. Founded in 2005, Castlelake manages approximately $22 billion of assets. The Castlelake team comprises approximately 230 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com.
About Vervent
As a fintech leader in the industry, Vervent sets the global standard for outperformance by delivering superior expertise, future-built technology, and meaningful services. We support our industry-leading partners with primary strategic services including Credit Card Servicing, Loan & Lease Servicing, Backup Servicing/Capital Markets Services, Managed Services, and Credit Card Programs.
Vervent empowers companies to accelerate business, drive compliance, and maximize service. Contact us today to find out how we can help boost your performance at 888.486.2509 or Solutions@Vervent.com.
Contacts
Prosek Partners for Castlelake
Josh Clarkson/Remy Marin
+1 212 279 3115
jclarkson@prosek.com / rmarin@prosek.com
Castlelake Media Relations
media.relations@castlelake.com
Vervent Media Contact; KCD PR
Duke Bartnik
vervent@kcdpr.com
443-896-4846
