Elevate, a provider of innovative online credit solutions for non-prime consumers, announced it has increased its credit facility with Victory Park Capital (VPC) by an additional $70 million to a total of $385 million. The company will use the additional capital for further investment in its suite of online credit solutions, which leverage sophisticated data and analytics capabilities to provide more responsible offerings to subprime consumers in need of credit.

“Elevate is focused on bringing more responsible, affordable and convenient credit to Americans with limited financial options,” said Ken Rees, CEO of Elevate. “This additional financing will allow us to continue to scale the business and meet the market demand for our products.”

“Much like the broader lending industry, the subprime market is changing rapidly, driven by the advent of Big Data and analytics technologies,” said Tom Welch, principal at VPC. “We are excited to continue working with Elevate on meeting demand not only for access to credit, but for access to better credit.”

Elevate’s innovative online credit solutions provide immediate relief to customers today and can help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like lower interest rates, free financial training, and free credit monitoring.

Victory Park Capital (VPC) is a privately held registered investment advisor dedicated to alternative investing through the management of its investment vehicles. As specialists in credit and private equity investments, VPC focuses on middle-market companies across a diversified range of industries.