(Englewood, CO, August 13, 2021) – iLending, a national leader in automotive refinancing, announced today that it has raised an additional $35 million through a transaction led by First Eagle Alternative Credit, LLC. This new capital follows iLending’s announcement in May that J.C. Flowers & Co. has taken a majority stake in the company.
“This new capital, on top of our recent investment from J.C. Flowers, is a strong signal of confidence in our proven business model, strong balance sheet and leadership team,” said Tom Holgate, CEO of iLending. “We have already begun building out both our management and sales teams, and we will remain vigilant for opportunities to grow the business.”
iLending’s auto refinancing platform, available in all 50 states and Washington, DC., handles the entire loan process, including finding the best rates, paying off the previous lender and re-titling the vehicle. iLending saves consumers an average of $144 a month on their car payments through direct relationships with credit unions and other lending institutions that ensure consumers have access to the best available rates.
Mr. Holgate added, ““We estimate that one in four auto loans are overpriced, meaning consumers are often paying more in interest than they should be based on their current credit profile. This presents a tremendous market opportunity for iLending. With our network of lenders, the Company is well positioned to lead the market and help consumers refinance their loans and save money.”
The Company has substantially ramped up hiring to help support its growth, including hiring additional senior-level executives, expanding its Austin, Texas office, and developing near shore partnerships. iLending also plans to open a new office location this fall.
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