Credibly Announces Second Offering Of Asset-Backed Securities – The First ABS Within The SMB Lending Space Since The Onset Of The COVID-19 Pandemic

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Southfield, MI – Apr. 20, 2021 - Today, Credibly announced its second offering of asset-backed securities (ABS) with the issuance of three classes of notes totaling $65.77 million. The asset-backed securitization is expandable to $200 million to further support the company’s continued growth.


This transaction marks the first ABS within the SMB lending space since the onset of the COVID-19 pandemic and will reduce Credibly’s cost of funds compared to its existing ABS.


“This transaction is a testament to Credibly’s proven ability to responsibly provide credit to SMBs,” said Ryan Rosett, Founder, and Co-CEO. “This ABS further solidifies the company’s position as a leader in the industry and would not have been possible without our dynamic response to the COVID-19 pandemic.''


Credibly deftly managed its operations during the pandemic by increasing underwriting scrutiny to ensure continued originations and by implementing creative, merchant-focused servicing and recovery strategies. The results of these initiatives not only served to maintain business continuity but also contributed to significantly lower losses than what was modeled.


In addition to the securitization, Credibly was able to maintain all of its other financing sources throughout the pandemic, including its warehouse line, senior unsecured notes, and excess concentration warehouse. The refinancing of the Series 2018-1 ABS with this securitization is a testament to the company's leadership position in the SMB space.


“We are proud of our response to the pandemic, our growth, our profitability, and the performance of our assets,'' said Michael Seneski, Chief Financial Officer. “Only a handful of companies in the SMB lending space have completed and maintained an asset-backed securitization, and the latest transaction reaffirms Credibly’s position as the leader in risk analysis.”


Since 2010 Credibly has provided SMBs with access to over $1.3B in financing while experiencing industry-leading loss and recovery rates. Credibly and its products have continued to exceed expectations and the reduction in their cost of funds will allow the company to compete even more aggressively to provide capital to SMBs.


As Credibly continues to grow, they remain focused on improving their technology, product suite, and data science capabilities to serve an even broader range of SMBs throughout the credit spectrum while maintaining their emphasis on risk management and a strong culture of compliance.


About Credibly
Credibly is a Data Science-driven fintech lending platform that improves the speed, cost, experience, and choice of capital to SMBs. The company provides balance sheet, syndication, and off-balance sheet funding options while offering its partners the ability to leverage its robust data science capabilities.


Founded in 2010, Credibly has provided SMBs with access to more than $1.3B in capital while maintaining a strong emphasis on risk management and a culture of compliance. In 2017 Credibly became the first company in its space to acquire the servicing rights to another alternative lender’s portfolio ($250M). Credibly was chosen for its proven approach in measuring and managing risk.
Credibly’s headquarters are in Southfield, Michigan, with offices in New York and Arizona. For more information, please visit www.credibly.com


Media Contact
Jeffrey Bumbales
jbumbales@credibly.com
(248) 633-1232
www.credibly.com

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Posted In: CrediblyNews

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.