GLI Finance Limited Update on FinTech Platform (2347G)
November 05 2018 - 2:00AM
UK Regulatory
TIDMGLIF
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
+44 (0) 1534 708900
Liberum (Nominated Advisor & Corporate Broker)
Steve Pearce
Chris Clarke
Trystan Cullen
+44 (0) 20 3100 2190
Instinctif Partners (PR Adviser)
Tim Linacre
+44 (0) 20 7457 2020
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END
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