SAN MATEO, Calif., Oct. 20, 2022 /PRNewswire/ — Achieve, the leader in digital personal finance, today announced that it has raised a new debt facility totaling $225 million with participation from O’Connor Capital Solutions, the private credit unit of UBS O’Connor LLC, and others, including a multi-trillion dollar asset manager. The debt facility is fully committed.
Achieve recently announced a significant strategic initiative, including a rebrand and expanded suite of offerings designed to better meet the needs of the 123 million consumers in the United States who want to improve their financial lives. The capital will fuel Achieve’s transformation by speeding technology investment and development; improving both high-tech and human-touch experiences for members and consumers; bolstering marketing and branding efforts; and supporting research and development of new technologies and offerings that will meet the growing personal finance needs of this underserved market.
“Traditional banks and fintechs often ignore large segments of the consumer population. Many startups don’t have the years of experience or depth of data to develop solutions aligned with consumers’ needs or credit profile,” said Achieve Co-Founder and Co-CEO Andrew Housser. “At Achieve, our approach to digital personal finance is designed for everyday people; the more than 123 million adults in the United States that are struggling to striving financially. This additional capital will power our next chapter of growth and innovation to offer personalized solutions to best meet consumers’ needs.”
Achieve’s solutions include personal loans, home loans and help with debt, as well as a variety of financial tools and education resources. Since its founding in 2002, the Company has served over 1 million consumers and has resolved or consolidated over $24 billion in debt for its members. Achieve is headquartered in San Mateo, California, and has more than 2,700 teammates across the country.
“Achieve is a financial services leader that helps everyday people take charge of their financial lives. And we do it with heart. Our unique business model offers complementary solutions, modern technology powered by deep data and analytics and most importantly, empathetic teammates with experience delivering personalized support to meet the needs of our members,” said Achieve CFO Ralph L. Leung. “This partnership with high-caliber institutions like UBS O’Connor speeds our growth of existing products, supports development of new solutions and brings our capabilities to market through our new brand.”
Sullivan & Cromwell LLP acted as legal counsel and Jeffries served as Sole Arranger and Bookrunner to Achieve.
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