Alternative Credit Fund to back Progressa POS finance unit
Vancouver-based financial technology company Progressa has secured a facility to support its point-of-sale (POS) finance business, Progressa Connect. Alternative Credit Fund, a Canadian specialty credit firm, will facilitate up to a $13 million forward-flow whole loan purchase program to back the unit, which helps POS platforms and originators offer credit solutions to non-prime consumers. The deal follows Progressa's close in August of an $84 million debt and equity financing. The company, which is backed by Conconi Growth Partners, Cypress Hills Partners and others, is preparing for an initial public offering next year.
26 November 2018•2 mins read
