Update on FinTech Platform

RNS Number : 2347G

GLI Finance Limited

05 November 2018

 

 GLI Finance Limited
("the Company" or "GLI")
Update on FinTech Platform

The Company announces that The Credit Junction ("TCJ"), one of the FinTech platforms in which GLI is invested, has recently secured a $23 million growth equity investment from Century Equity Partners, a US private equity firm which focuses on making investments in companies that have demonstrated value propositions to the financial services industry in the US. 

This transaction underpins the valuation of GLI's investment in TCJ for the half year, as announced in September 2018. GLI hold a seat on the Board of TCJ and continue to support the company and management with strategic developments.  

This transaction marks the second significant financing for The Credit Junction in recent months, the company having secured a $150 million credit facility from MidCap Financial in March 2018.

TCJ provides capital solutions to businesses across the United States and combines traditional credit metrics with data intelligence as part of its underwriting and loan monitoring processes. 

Andy Whelan, CEO of GLI commented: "We welcome the announcement by TCJ confirming their new growth equity investment from Century Equity Partners. This facility will enable TCJ to leverage their excellent technology and significantly expand their lending. Our focus remains on maximising the value of our FinTech portfolio and we will continue to work closely with all of our platforms to achieve that aim."

Michael Finkelstein, CEO & Founder of The Credit Junction, said: "We are thrilled to have the support of an experienced and growth-oriented partner like Century Equity Partners. Century shares our passion for leveraging technology to meet market needs and has a proven track record of helping companies accelerate their businesses. We are excited to utilise their deep experience and industry knowledge as we look to grow both our lending and data analytics businesses."

Chris Lalonde, Managing Director of Century Equity Partners added: "We are pleased to partner with The Credit Junction in this next stage of their growth.  We have been impressed with the outstanding job that Michael and his team have done, and believe that their lending and technology platforms will offer significant value over the long-term. We are dedicated to supporting The Credit Junction's strategic initiatives as they build on this strong foundation."

For further information, please contact:

GLI Finance Limited Andy Whelan [phone]

Liberum (Nominated Advisor & Corporate Broker) Steve Pearce Chris Clarke Trystan Cullen [phone]

Instinctif Partners (PR Adviser) Tim Linacre [phone]

 

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