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Achieve secures $225m debt facility

Source: Achieve

Achieve, the leader in digital personal finance, today announced that it has raised a new debt facility totaling $225 million with participation from O’Connor Capital Solutions (the private credit unit of UBS O’Connor LLC) and a multi-trillion dollar asset manager.

Achieve recently announced a significant rebrand and expanded suite of offerings designed to better meet the needs of the 123 million consumers in the United States who want to improve their financial lives. The capital will fuel technology transformation by speeding technology platform investment, improving member and consumer experiences, whether high tech or human touch, bolstering marketing and branding efforts, and supporting research and development of new solutions to continue to meet the growing consumer financial needs of this underserved market.

“Traditional banks and fintechs often ignore underserved consumers. Many startups don’t have the years of experience or depth of data to develop solutions aligned with consumers' needs or credit profile,” said Andrew Housser, Co-Founder and Co-CEO, Achieve. “At Achieve, our approach to digital personal finance is designed for everyday people; the more than 123 million adults in the United States that are characterized as struggling to striving financially. This additional capital will power our next chapter of growth and innovation to offer personalized solutions to best meet consumers’ needs.”

Achieve’s solutions include personal loans, home loans, help with debt as well as financial tools and education. Since its founding in 2002, the company has served over one million consumers and has resolved or consolidated over $24 billion in debt for its members. Achieve is headquartered in San Mateo, California and 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 offers complementary solutions, modern technology powered by deep data and analytics and most importantly, empathetic teammates with experience in delivering personalized support to meet the needs of our members,” said Ralph L. Leung, CFO, Achieve. “This partnership with high caliber institutions like O’Connor Capital Solutions speeds our growth of existing products, supports development of new solutions and brings our capabilities to market through our new brand.”

Sullivan & Cromwell LLP acted as legal counsel and Jeffries served as Sole Arranger and Bookrunner to Achieve.
 

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