HOBOKEN, N.J., May 6, 2016 /PRNewswire/ -- Promise Financial, the marketplace lending platform focused on wedding financing, announced today that LibreMax Capital, LLC ("LibreMax"), a leading structured credit investment firm, intends to begin investing in loans facilitated by Promise Financial. The arrangement with LibreMax will allow Promise Financial to accelerate the development of its digital lending platform and rapidly grow its specialized distribution channels.
Promise Financial provides access to financing that allows people to pay for weddings and other expenses over time, with low rates and transparent pricing. Its leading-edge technology platform provides financing offers in seconds and utilizes big data and next-generation credit models that go beyond FICO scores to better address the needs of customers who are often underserved by the traditional financial system. These offerings address a growing need in the U.S., where there are 2,000,000 weddings annually with an average cost of $30,000.
"We're very excited about this arrangement with LibreMax, which has deep expertise in consumer credit and capital markets," said Bradley Vanderstarren, President of Promise Financial. "This will allow us to quickly expand our product offering, serve more consumers, and continue to refine our leading technology and underwriting capabilities."
"Promise Financial is a well-established marketplace lending platform and we're looking forward to partnering with them for their next phase of growth," said Luke Doramus, Sector Head, Consumer ABS, of LibreMax. "We believe the company's focused distribution will allow it to continue to build out a differentiated credit platform."
Since launch in June 2015, Promise Financial has experienced rapid growth and is quickly expanding its distribution through point-of-sale partnerships with wedding businesses that help them offer financing options to clients. The company has partnered with over 100 wedding venues, planners, and photographers to date.
About Promise Financial
Promise Financial is the only financial technology platform focused on wedding financing. The company's mission is to improve the way people pay for weddings and it has partnered with wedding businesses nationwide to offer financing. Promise Financial was founded in 2014 and is based in Hoboken, NJ. All loans on the Promise Financial platform are originated by Cross River Bank, a New Jersey State Chartered Commercial Bank. Eligibility for credit is established without regard to marital status, and individuals not contemplating a wedding may apply. Additional information about Promise Financial is available at www.promisefinancial.com.
About LibreMax Capital
LibreMax Capital is a New York based asset management firm specializing in structured credit. The firm takes a diversified approach to credit investing across a variety of asset classes including residential and commercial real estate, and corporate and consumer credit. LibreMax Capital is a registered investment advisor with the United States Securities and Exchange Commission. Additional information about LibreMax Capital, LLC is available at www.libremaxcapital.com.
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SOURCE Promise Financial