LendingPoint announced the closing of an up to $110 million, 5-year corporate mezzanine credit facility with new partners MidCap Financial Trust, managed by a subsidiary of Apollo Global Management, Inc. and Apollo Investment Corporation.

The announcement follows a recent $125 million preferred equity investment from Warburg Pincus, a leading private investment firm focused on growth investing.

“We are delighted with the confidence in LendingPoint MidCap and Apollo have shown in entering into this 5-year facility. This relationship will be an important part of our growth strategy, enabling us to facilitate responsible credit and unlock the power of financial possibility for the greatest number of consumers and businesses as possible,” said Tom Burnside, CEO of LendingPoint. Tom continued, “We closed out 2020, our second consecutive profitable year, with a focus on building an AI-driven buying and selling ecosystem wherein data drives pricing, discounting and offer presentation to the right consumers and businesses at the right time, streamlining, accelerating and democratizing commerce.”

JD Gettmann, Head of Lender Finance at MidCap, said, “We have followed LendingPoint since its inception and their platform has consistently executed at the highest level. We are excited to partner with the LendingPoint team as they continue to provide access to capital for consumers and small businesses across the country.”

In 2020, LendingPoint launched SDKn, a proprietary technology which creates an instant consumer credit pre-approval platform for businesses of all sizes; enhanced its buy now, pay later merchant platform; and partnered with a leading global ecommerce platform to provide small business capital to their sellers. This year, LendingPoint is focused on further improving the customer journey through investments in AI and user experience, expanding the functionality in its mobile app, and identifying new ways to meet consumers where they are with the products they want.