Vervent, a fintech focused on servicing and credit-card program operations, has signed a forward flow agreement led by Mesirow Alternative Credit that will provide up to $80 million of funding over the next 12 months to support the origination of unsecured consumer credit cards across Vervent’s portfolio.
Vervent said the partnership will help scale several of its non-prime card programs, including Revvi, Total Visa, First Access, and Total Select, with the goal of expanding access to unsecured credit card products for underserved consumers. The company positioned the agreement as a capital-markets partnership that pairs origination growth with the operational and risk-management standards expected by institutional investors.
The deal adds incremental funding capacity as Vervent continues to build out its suite of servicing and managed-services capabilities, which the company says spans primary and backup loan and lease servicing, capital markets services, eVault solutions, managed services, and credit card servicing. Mesirow highlighted the transaction as a way to provide investors exposure to consumer credit assets tied to non-prime credit-card programs.
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
