- Agora Data received a $100 million revolving credit facility from Credit Suisse.
- The company anticipates the funds will help it expand how it delivers capital to loan originators who offer in-house financing.
- The news comes just under a year after Agora Data unveiled its reducing rate line of credit.
Auto lending technology company Agora Data announced today it received $100 million in financing. The funds come in the form of a revolving credit facility from Credit Suisse.
Agora Data, which helps non-prime borrowers obtain credit, anticipates the funds will help it expand how it delivers capital to loan originators who offer in-house financing solutions. The company offers auto dealers competitive financing and tools such as AI and machine learning modeling. Ultimately, Agora Data helps lenders build loan portfolios with high predictability and improved performance when lending to non-prime customers.
The company also offers AgoraInsights, a product that helps dealers maximize portfolio performance, reduce risk, and manage cashflow.
“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” said Agora Data CEO Steve Burke.
Since the company was founded in 2017, Agora Data has closed multiple crowdsourced securitizations using its AI and machine learning algorithms. Last year, the company launched a reducing rate line of credit offering. The interest rate on this credit offering reduces over time, provides the borrower with the flexibility to draw cash as they need it, and does not charge origination or unused line fees.