Applied Data Finance, LLC (ADF), a “technology-enabled lender” and asset manager, has announced that Victory Park Capital (VPC) has increased its existing credit facility with ADF from $50 million to $75 million. The facility has also been extended through 2021. Simultaneously, ADF raised $6.5 million in a convertible note from a combination of existing and new investors. Total equity raised to date now stands at $32.3 million, according to the company.
Krishna Gopinathan, founder, Co-Chief Executive Officer at ADF, said that Victory Park has been a great partner;
“We are pleased to renew and extend our relationship. This news, combined with the additional capital raised through the convertible note round will further strengthen our ability to serve the under-banked,” said Gopinathan.
ADF said it will use the added debt and equity funding to continue to scale its successful Personify Financial online lending platform. Personify provides unsecured personal loans for underestimated underbanked consumers. ADF boasts a rock-star advisory board alongside a management team with deep finance and lending experience. ADF has offices in both the US and India.