FinFit, a U.S.-based fintech that provides more than 80,000 American companies with a financial wellness benefit platform, announced on Monday the closing of a $35 million senior credit facility with Ares Management. The company stated it has the ability to increase the senior credit facility to $70 million and this capital raise follows a $16 million investment from Bison Capital Partners. Keefe, Bruyette & Woods was the exclusive financial advisor for the senior credit facility.
Established in 2008, FinFit explained it works closely with business owners, executives, human resources, benefit administrators, and third-party servicers to bring a “sense of stability” in the workplace through a combination of financial assistance and educational support.
“FinFit’s program enables employers to gain a competitive edge by delivering a unique benefit to the workforce, providing affordable credit when critical situations arise, regardless of an employee’s financial history. As a viable alternative to payday lenders and high-interest credit cards, this program mitigates the risk of entering a cycle of expensive debt, reduces unnecessary and stressful distractions, and can contribute to an increase in productivity among a staff that is fulfilled with peace of mind.”
FinFit reported that the proceeds of the senior credit facility, together with the equity previously invested by Bison Capital Partners, will be used to expand its ability to offer financial wellness benefit programs and short-term financial assistance to employees across the U.S. David Kilby, President of FinFit, added:
“We are very pleased with this transaction and partnership with Ares. It will allow us to dramatically expand our reach and assist us in achieving our goal of increasing financial wellness one employee at a time.”