Castlelake and Vervent Reach Agreement for up to $180 Million of Financing for Consumer Credit Card Programs

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Jan 11, 2024, 11:12 ET

Deal finances additional cardholders in the Revvi, First Access and Total Card Visa® programs

MINNEAPOLIS and SAN DIEGO, Jan. 11, 2024 /PRNewswire/ -- Castlelake, L.P., a global alternative investment firm specializing in asset-based opportunities and Vervent, a leading fintech servicing company, today announced the entry into a new forward flow agreement whereby certain Castlelake funds and affiliates will provide up to $180 million to Vervent and its affiliates. Under the terms of the agreement, affiliates of Vervent will use the funds to finance origination for its Revvi, Total Card and First Access unsecured credit card programs.

"Castlelake is pleased to continue supporting Vervent's efforts to provide access to high quality non-prime credit card programs," said John Lundquist, Partner, Specialty Finance at Castlelake. "Further, we believe this transaction enables our investors to gain interesting exposure to the sizable consumer credit opportunity set."

Castlelake is an experienced investor in the consumer credit sector, having both acquired assets and provided asset-based private credit since 2015. The firm has invested more than $4 billion in such opportunities since that time and originated or acquired more than 17 million consumer receivable accounts.

"We are pleased to enter into another agreement with Castlelake to help meet the increasing demand for full-service credit cards for non-prime consumers," said Joseph Noe, Chief Credit Officer of Vervent. "Vervent is committed to increasing access to credit for underserved consumers and we believe our strategic relationship with Castlelake continues to drive that vision and help customers in need."

Click to learn more about the Revvi, Total Card and First Access credit card programs.

About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on investments in real assets, specialty finance and aviation across the risk spectrum. Founded in 2005, Castlelake manages approximately $22 billion of assets. The Castlelake team comprises approximately 230 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com.

About Vervent
As a fintech leader in the industry, Vervent sets the global standard for outperformance by delivering superior expertise, future-built technology, and meaningful services. We support our industry-leading partners with primary strategic services including Credit Card Servicing, Loan & Lease Servicing, Backup Servicing/Capital Markets Services, Managed Services, and Credit Card Programs.

Vervent empowers companies to accelerate business, drive compliance, and maximize service. Contact us today to find out how we can help boost your performance at 888.486.2509 or [email protected].

Prosek Partners for Castlelake
Josh Clarkson/Remy Marin
+1 212 279 3115
[email protected] / [email protected]

Castlelake Media Relations
[email protected]

Vervent Media Contact; KCD PR
Duke Bartnik
[email protected]
443-896-4846

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SOURCE Castlelake