US-based fintech Vervent has agreed an $80m (£58.3m) funding partnership led by Mesirow Alternative Credit to expand its credit card programs.
The forward flow agreement will provide Vervent with the funding over the next 12 months to support the origination of unsecured credit cards across its portfolio.
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Through the partnership, Vervent will expand its Revvi, Total Visa, First Access and Total Select credit card programs which provide underserved consumers with unsecured credit card options.
Among the services Vervent provides to partners are primary loan and lease servicing, backup servicing and capital markets services, and credit card servicing.
“Mesirow is pleased to continue supporting Vervent’s efforts to deliver high-quality non-prime credit card programs,” said Tim Reimink, head of asset management at Mesirow Alternative Credit.
“This partnership provides our investors with meaningful exposure to a compelling consumer credit opportunity.”
Mesirow is an independent financial services firm with capabilities spanning private capital and currency, capital markets and investment banking, and advisory services.
In December 2024, Mesirow acquired Bastion Management, an asset-backed lender which now operates as Mesirow Alternative Credit.
Joseph Noe, president of Vervent Card said the partnership will allow it to continue meeting the growing demand for full-service credit cards among non-prime consumers.
“This strategic relationship reinforces our commitment to expanding access to credit while maintaining the operational discipline and risk management standards our partners expect,” Noe added.
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