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Southfield, MI – Apr. 20, 2021 - Today, Credibly announced its second offering of asset-backed securities (ABS) with the issuance of three classes of notes totaling $65.77 million. The asset-backed securitization is expandable to $200 million to further support the company’s continued growth.
This transaction marks the first ABS within the SMB lending space since the onset of the COVID-19 pandemic and will reduce Credibly’s cost of funds compared to its existing ABS.
“This transaction is a testament to Credibly’s proven ability to responsibly provide credit to SMBs,” said Ryan Rosett, Founder, and Co-CEO. “This ABS further solidifies the company’s position as a leader in the industry and would not have been possible without our dynamic response to the COVID-19 pandemic.