Austin, Texas based online consumer lending platform has raised $100m in debt financing from Waterfall Asset management, a SEC-registered specialist credit advisor. BorrowersFirst provides personal loans at low rates to domestic consumers.
The company, which has now secured an aggregate of $400m, will use the capital to accelerate loan originations and fund continued growth of its balance sheet. Led by CEO Dave Tomlinson, BorrowersFirst is an online consumer lending platform organized around providing fixed rate personal loans backed by secure technology and customer service. Launched in late 2014, the platform has originated ~$275 million in unsecured consumer loans to date. BorrowersFirst loans are originated by Cross River Bank (CRB), a leader in marketplace lending. CRB is a New Jersey State chartered bank and Member FDIC.