Vervent, a fintech company focused on servicing, announced a forward flow agreement led by Mesirow Alternative Credit that will provide up to $80 million in funding over the next 12 months to support the origination of unsecured credit cards across Vervent’s portfolio. The deal is designed to expand access to credit by scaling Vervent-backed card offerings for underserved, non-prime consumers.
The company said the strategic partnership will help grow several of its consumer credit card programs, including Revvi, Total Visa, First Access, and Total Select. Vervent positioned the additional funding capacity to meet demand for full-service unsecured cards while maintaining operational discipline and risk management standards expected by capital partners and investors.
Vervent described itself as a global servicing provider offering a mix of loan and lease servicing, backup servicing, and capital markets services, eVault solutions, managed services, and credit card servicing. Mesirow, founded in 1937, is an employee-owned financial services firm with businesses spanning private capital and currency, capital markets and investment banking, and advisory services.
KEY QUOTES
“Mesirow is pleased to continue supporting Vervent’s efforts to deliver high-quality non-prime credit card programs. This partnership provides our investors with meaningful exposure to a compelling consumer credit opportunity.”
Tim Reimink, Head Of Asset Management, Mesirow Alternative Credit
“We are excited for this partnership which allows us to continue meeting the growing demand for full-service credit cards among non-prime consumers. This strategic relationship reinforces our commitment to expanding access to credit while maintaining the operational discipline and risk management standards our partners expect.”
Joseph Noe, President, Vervent Card
