Best Egg Gets $1 Billion in Funding from AB CarVal Affiliates to Help More People Access Vehicle Equity Loans

WILMINGTON, Del., Dec. 18, 2024 /PRNewswire/ -- Best Egg, a leading fintech that drives financial confidence, announced today the successful arrangement of a $1 billion purchase facility to help offer more vehicle equity loans that let people use their car's value as collateral to borrow money. This commitment, led by funds managed by affiliates of AB CarVal, entails a forward-flow purchase commitment for loans facilitated through the Best Egg platform.

"This funding from AB CarVal means we can help more people who need a smart and cost-effective way to handle debt or pay for important expenses," said Andrew Deringer, Chief Financial Officer at Best Egg. "We're committed to making it easier for people with limited savings to access money when they need it, and this partnership helps us do just that."

For over 10 years, Best Egg has delivered more than $30 billion in personal loans, earning a strong reputation for dependable and flexible financial products. The company was recently recognized by NerdWallet as the best option for personal loans for borrowers with good credit and has been in the top 10 for customer satisfaction according to J.D. Power for two years in a row.

The $1 billion facility includes AB CarVal's commitment to purchase a fixed portion of loans within Best Egg's vehicle equity loan program, supporting the company's expansion in this strategic product line.

"As long-time investors in asset-based financial products, we are pleased to support Best Egg's growth, recognizing how important it is to work with companies that prioritize responsible lending in today's economy," said Angie Fenske, principal at AB CarVal.

About Best Egg

Best Egg is a leading fintech that drives financial confidence, providing flexible solutions to help people with limited savings adapt to their changing needs. Best Egg supports customers through a growing suite of personal loans, flexible rent, and financial health tools. Leveraging real-time customer insights and data engineering, Best Egg gives more people access to the resources they need to be money confident. For more information, visit www.bestegg.com.

About AB CarVal

AB CarVal is an established global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Since 1987, AB CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing $151 billion in 5,800 transactions across 82 countries. Today, AB CarVal has approximately $19 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. For more information, please visit abcarval.com.

*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal's management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal's decision not to charge management fees.

For media inquiries or further information, please contact:

Lisa Albiston, Head of Corporate Affairs
Best Egg
[email protected] 

Elspeth Huyett, Senior Account Executive
Vault Communications
[email protected]

SOURCE Best Egg