Raven Capital backs $655m refinancing for US lender Elevate

Alternative investment firm Raven Capital has led a $655m (£489m) refinancing for Elevate, a US online credit provider.

The refinancing builds on a financing agreement between Raven and Elevate established nearly a decade ago and is intended to support the platform’s lending to underserved consumers in the US. Hudson Cove Capital Management also participated in the latest financing.

“We have worked closely with the company for many years and continue to view Elevate as a leader in the alternative financial services sector with a strong platform and deep experience serving its customers,” said Jeremy Tucker, founding member and principal at Raven Capital. “This transaction highlights Raven Capital’s commitment to providing scaled, flexible capital solutions in complex asset-based finance (ABF) markets.”

According to the manager, the transaction expands Raven’s activity in the ABF market, which the firm said is expected to grow to approximately $9.2tn by 2029.

Overall, Raven has deployed more than $3bn through its core lending strategy since its launch.

“This facility reflects the strength of our long-standing partnership with Raven Capital and provides Elevate with the financial foundation to capitalise on the opportunities ahead,” said Jason Harvison, president and chief executive of Elevate. “We are well-positioned to expand access to credit for non-prime consumers, continue investing in our platform, and deliver disciplined, profitable growth.”