Koalafi Closes Multi-Million Dollar Warehouse Facility with Forbright Bank
Secured Debt Facility Enables Koalafi to Further Scale Expansion of Loan Financing to Serve More Consumers Through an Innovative Single Application
RICHMOND, Va., Aug. 16, 2022 /PRNewswire/ -- Koalafi, a fast-growing consumer financing provider committed to providing innovative pay-over-time options to customers from all credit backgrounds, announced today the signing of a multi-million secured debt facility from Forbright Bank. This facility helps Koalafi rapidly scale and expand loan originations to a broader range of consumers through its first-in-kind, single financing solution, which launched nationwide last year.
With Koalafi, consumers from all credit backgrounds can apply for payment plans through a single streamlined application in store and online. "Before this unprecedented offering, merchants faced a number of headaches with the financing solutions available," said Rob Finnegan, Chief Executive Officer and Co-Founder of Koalafi. "A patchwork of different providers, long applications, and inconsistent customer UX have created friction at checkout, causing would-be customers to abandon the transaction. Our single application removes these friction points, allowing consumers to seamlessly discover the right-fit payment plan on the first try."
Rob Finnegan emphasized "this credit facility with Forbright ensures we can quickly scale our loan funding volume to offer our dramatically simplified financing approach to more businesses and their customers."
"Koalafi has a strong lending track record and Forbright is excited to help the company continue to scale its lending platform with an increasing focus on serving prime and near prime consumers and home improvement businesses," said Kenny Elias, President of Specialty Lending at Forbright.
For more information, visit Koalafi.com.
About Koalafi
Koalafi (www.koalafi.com) makes it possible for consumers, whether they have excellent or no credit, to make essential purchases. With a single application and platform, Koalafi merchants can offer a wide range of transparent and simple pay-over-time plans to every customer who visits their business. Koalafi serves ecommerce and brick and mortar merchants nationwide, with a focus on furniture, mattress, appliance, tire, and home improvement businesses. Koalafi delivers high approval rates by leveraging big data and machine learning to optimize credit modeling and underwriting and is recognized for exceptional service by industry leading NPS scores.
About Forbright
Forbright Inc., rebranded from Congressional Bancshares, Inc. is the bank holding company for Forbright Bank. Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $8 billion of owned and managed assets, the Bank provides lending, banking and asset management services to clients across the United States. Its business banking group provides nationwide lending products, including real estate loans, working capital, warehouse lines of credit, term loans and forward loan purchase agreements to entrepreneurs, growing middle market companies, and sophisticated investors and operators in clean tech, healthcare, financial services, technology, real estate, renewable energy and other industries where a trusted and highly responsive lender is needed. The Bank provides sophisticated and competitive deposit products, which will soon include deposits linked to decarbonization- and sustainability-oriented loans, to businesses and individuals.
Member FDIC as Forbright Bank. Forbright Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.
SOURCE Koalafi
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