RICHMOND, Va., Feb. 15, 2021 /PRNewswire/ --West Creek, a fast-growing consumer financing provider, closed a new secured debt facility from Credit Suisse and a fund managed by Neuberger Berman. Sector Financial, an affiliate of Credit Suisse, provided access to the Credit Suisse debt facility. This new facility increases West Creek's funding capacity by over 30% enabling its originations plans for 2021 and 2022.
"We plan to use the additional credit facility to serve even more customers, enabling them to access the essential items they need," said Rajesh Rao, Chief Financial Officer and Chief Risk Officer. "West Creek's focus on machine learning-driven credit decisioning, frictionless user experience, and world-class customer support enhances the way our customers finance essential purchases. An additional funding capacity will go a long way toward expanding our reach and allowing us to continue our growth trajectory."
Founded in 2014, West Creek is a point-of-sale financing fintech platform that leverages technology and machine learning to help consumers make life-essential purchases. West Creek partners with over thousands of retailers nationwide to help customers in purchasing essential items, including furniture, mattresses, appliances, tires, and HVAC systems.
More about West Creek West Creek provides point-of-sale financing in retail stores nationwide with a focus on furniture, mattress, appliance, tire, and HVAC system retailers. The company leverages big data and machine learning to optimize its credit modeling and underwriting, enabling them to deliver industry-leading approval rates and amounts. West Creek was built on a foundation of excellent customer service, which continues to be a pillar of their business today, and one of the main reasons for their success. For more information, visit www.westcreekfin.com.
More about Neuberger Berman Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman's diverse team has over 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $405 billion in client assets as of December 31, 2020. For more information, please visit our website at www.nb.com.