MIAMI–(BUSINESS WIRE)–BMG Money announced today that it has secured a $300 million financing facility with Utah-based WebBank, a leading national issuer of consumer credit products, and Waterfall Asset Management. This new facility, combined with BMG Money’s existing warehouse lines and forward flow arrangements, brings the company’s total financing capacity to approximately $1 billion, positioning BMG Money to significantly expand access of responsible credit solutions to financially underserved employees across the United States.

With approximately $1 billion in total financing capacity across warehouse facilities and forward flow agreements, BMG Money is positioned as one of the leading providers of employment-based lending solutions in the United States.Share

This announcement builds on BMG Money’s successful partnership with WebBank. The new financing facility will provide BMG Money with enhanced flexibility and capacity to meet surging demand from employees seeking alternatives to traditional lending options, which often include high interest rates and fees.

“Reaching approximately $1 billion in total financing capacity is a transformational milestone for BMG Money and, more importantly, for the millions of working Americans who struggle to access fair credit,” said Kieran Noonan, President & CEO at BMG Money. “Our expanded partnership with WebBank demonstrates strong confidence in our mission and our proven ability to responsibly serve underserved borrowers. With this additional capacity, we can help even more employees avoid debt traps and build toward financial wellness.”

“Nearly 106 million U.S. adults lack adequate access to credit, and nearly half of Americans report that financial stress has severely impacted their lives,” Noonan adds. “This facility gives us the resources we need to make a meaningful difference for working families who deserve better options than what the traditional financial system has offered them.”

“We are proud to expand our partnership with BMG Money through this new facility,” said Jason Lloyd, President & CEO of WebBank. “BMG Money continues to demonstrate innovation and meaningful impact in supporting financial inclusion. This expanded partnership will help broaden access to financial solutions for working Americans and further our shared commitment of empowering consumers nationwide.”

With approximately $1 billion in total financing capacity across warehouse facilities and forward flow agreements, BMG Money is positioned as one of the leading providers of employment-based lending solutions in the United States. The company currently operates in 39 states plus the District of Columbia and has originated nearly $4 billion in loans since inception.

About BMG Money

Headquartered in Miami, FL, BMG Money has offered employment-based lending solutions since 2011 to help public and private sector employees that have been overlooked by traditional financial institutions and are struggling to overcome archaic methods of determining credit worthiness. Currently operating in 39 states plus the District of Columbia, BMG Money’s mission is to enhance the financial wellness of its customers through a combination of financial education, credit monitoring solutions, and emergency loans, providing the tools necessary for a secure financial future. For more information, please visit www.bmgmoney.com.

About WebBank

WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $250 billion in consumer and commercial credit products. As “The Bank Behind the Brand®”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, payment companies, software as a service (SaaS) and financial technology (FinTech) companies. The Bank is a leading player in the digital lending space, driving innovation in financial products through its collaboration with Strategic Partner platforms. WebBank engages in a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label credit card issuance, auto-refinancing and more. The Bank provides capital in the form of asset-based lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.

Contacts

Destinee Day
816-835-4399
destinee@yorkpublicrelations.com

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