Best Egg, a lending platform owned and operated by north Wilmington-based Marlette Holdings, Inc, secured $225 million in equity capital.
The Series E capital round was led by the Healthcare of Ontario Pension Plan (HOOPP), which manages over $80 billion in assets, with participation from investment funds advised by Davidson Kempner Capital Management LP, as well as a large international bank.
“We are excited to welcome these top-tier investors to Marlette,” said Jeffrey Meiler, founder and CEO. “This capital round not only reflects the success and industry-leading profitability of our personal loan business, but also the huge potential in our recently launched Best Egg Visa Credit Card product and Best Egg Financial Health, our financial wellness tool.”
Best Egg had a record-breaking year in 2021, with $300 million in revenue and $4.6 billion of personal loans. Best Egg uses machine learning technology in issuing personal loans.
In 2021, Best Egg also launched two new products, including the Best Egg Visa Credit Card and the free Best Egg Financial Health tool.
Best Egg handled 1.1 million personal loans and has more than 23,000 Best Egg Visa members. Best Egg Financial Health gained more than 149,000 members. Best Egg anticipates continued growth and innovation in 2022 and beyond, a release stated.
Marlette also announced several management changes, including the appointment of Jason Swift as president of Best Egg credit card services. The Best Egg Visa Credit Card provides access to credit for Americans with little or no savings who want to build or rebuild their credit.
“This capital raise allows us to fund our growing credit card business, explore expansions to our platform and evaluate additional strategic opportunities to create more value for our target consumer,” said Andrew Deringer, chief capital officer of Marlette.
Marlette Holdings, Inc. is a leading financial technology provider whose subsidiaries develop and operate the Best Egg financial platform, which aims to help people feel more confident about their everyday finances.
