Covered Holdings Announces Follow-on Investments by Fortress and Westlake
25 May, 2022, 10:10 ET
New Investments to Support Platform Diversification and Growth
DALLAS, May 25, 2022 /PRNewswire/ -- Covered Holdings, a buy now, pay later financing platform for people typically declined traditional credit, announced today that it closed follow-on investments from affiliates of Fortress Investment Group LLC and Westlake Financial. The new $8mm combined investment is on top of $200 million in existing lending facilities from the two firms.
"The demand for better financing options, especially in healthcare, has never been stronger and we're currently installing our solution in hundreds of new locations each month," said Ken Rees, founder, and CEO of Covered Holdings. "This new investment will support the rapid scaling of our business as we diversify our platform and expand into new verticals."
"The Covered team has built a disruptive business serving the underserved with affordable rates and delivering strong portfolio performance," said Dominick Ruggiero, Managing Director of Fortress Investment Group. "We are happy to increase our investment in the company to support their growth."
"Covered shares our mission to provide better financing solutions to Americans in need," said Ian Anderson, Group President, Westlake Technology Holdings. "We have been impressed with the performance to date and the long-term growth potential for non-traditional borrowers within the healthcare space and other market opportunities."
Founded in 2020, Covered Holdings offers financing solutions that leverage the company's proprietary credit originations and servicing platform with a unique focus on the needs of non-prime Americans. Their patient financing product, Covered Care, helps healthcare providers care for patients who otherwise would have been declined for traditional credit. Their proprietary financing platform can underwrite and approve patients at every credit level – from prime to non-prime – with affordable rates and terms. This flexibility allows healthcare providers to care for more patients without taking on any risk.
Representatives from Fortress Investment Group and Westlake Financial will also be joining the Board of Directors of Covered Holdings.
About Covered Care
Covered Care is a buy now, pay later financing solution for growing healthcare practices. Our mission is to help healthcare providers care for more patients which means we provide the highest approval rates in the industry (up to 100%), affordable terms (as low as 0% APR for all credit tiers), and flexible pricing and integration options. For more information, visit CoveredCare.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $53.3 billion of assets under management as of December 31, 2021, on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About Westlake Technology Holdings
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $15 billion in assets under management. Westlake Financial ("Westlake") originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake's wholly-owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake's subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake's wholly-owned subsidiary LoanCenter, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
SOURCE Covered Care
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