SAN MATEO, Calif., October 20, 2022 /PRNewswire/ — Reachthe leader in digital personal finance, today announced that it has raised a new credit facility in the total amount $225 million with participation from O’Connor Capital Solutions, the private credit unit of UBS O’Connor LLC, and others, including a multi-trillion dollar asset manager. The credit facility is fully committed.
Achieve recently announced a major strategic initiative, including rebranding and an expanded range of offerings designed to better meet the needs of 123 million consumers United States who want to improve their financial life. The capital will fuel Achieve’s transformation by accelerating technology investment and development; improve high-tech and human experiences for members and consumers; strengthen marketing and branding efforts; and supporting the research and development of new technologies and offerings that will meet the growing personal finance needs of this underserved market.
“Traditional banks and fintechs often ignore large segments of the consumer population. Many startups don’t have the years of experience or the depth of data to develop solutions aligned with consumers’ needs or credit profile. “said the co-founder and co-CEO of Achieve. André Housser. “At Achieve, our approach to digital personal finance is designed for ordinary people; the more than 123 million adults in United States who are struggling financially. This additional capital will fuel our next chapter of growth and innovation to deliver customized solutions to better meet consumer needs.”
Achieve’s solutions include personal loans, home loans and debt relief, as well as a variety of financial tools and educational resources. Since its inception in 2002, the Company has served more than one million consumers and resolved or consolidated more than a $24 billion indebted for its members. Achieve is headquartered in San Mateo, Californiaand has more than 2,700 teammates across the country.
“Achieve is a financial services leader that helps everyday people take charge of their financial lives. And we do it with heart. Our unique business model delivers complementary solutions, modern technology powered by deep data and analytics, and, most importantly, empathetic teammates with experience delivering personalized support to meet the needs of our members,” said Achieve CFO Ralph L. Leung. “This partnership with high-calibre institutions like UBS O’Connor accelerates the growth of our existing products, supports the development of new solutions and brings our capabilities to market through our new brand.”
Sullivan & Cromwell LLP acted as legal counsel and Jefferies as sole arranger and bookrunner for Achieve.
About Reach
Achieve is the leader in digital personal finance. Our solutions help everyday people engage and stay on the path to a better financial future, through innovative technology and personalized coaching. Leveraging proprietary data and analytics, our solutions are tailored to every stage of a consumer’s financial journey and include personal loans, home loans, debt relief, and financial tools and education. . Achieve is headquartered in San Mateo, California and has more than 2,700 dedicated employees across the country with centers in California, Arizona and Texas. The brand that preceded it was consistently recognized as the Best Place to Work.
Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including Bills.com, LLC d/b/a Achieve.com (NMLS ID #138464); Freedom Financial Asset Management, LLC d/b/a Achieve Personal Loans (NMLS ID #227977); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501).
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