Align Income Share Funding Announces Additional Funding, Expansion
ISA Provider Builds on Recent Momentum, Closing Additional Financing, Securing New Debt Facility and Expanding Into Florida and Arizona
CHICAGO, May 14, 2019 (Newswire.com) - Align Income Share Funding, provider of Income Share Agreements (ISAs), announced today the close of its Series B financing round, led by CMFG Ventures, CUNA Mutual Group’s venture capital arm. Other existing investors participating in the round included Continental Investors LLC, the fund founded by Philip J. Purcell who led Align’s Series A in 2016. Align will leverage this strategic investment to build on recent momentum, driving continued growth and expansion within the burgeoning ISA industry.
The nation’s first and only provider of ISAs for general use, Align aims to be a better financial partner by offering consumers access to the capital they need in a more fair, understandable and personalized way. Payments for this novel consumer liquidity alternative are indexed to a small percentage of a consumer’s future income over a fixed period of time and fluctuate with changes in the customer’s employment income. Using a structure that is tied to income rather than a set interest rate better aligns the interests of the consumer and financial partner, providing a simple and flexible option for general consumer expenses, such as home or car repair or medical expenses. Align looks to better serve the segment of the market that can’t easily come up with a few thousand dollars with little notice.
“The team at Align has driven impressive growth in recent months, proving that with their innovative payment structure, ISAs can deliver both considerable returns for investors and a more flexible, affordable product for consumers,” said Dave Brown, chief investment officer at CUNA Mutual Group and newly appointed Align board member. “The recent spotlight on student ISAs has introduced consumers to this alternative approach, illustrating its natural fit as a financing option for other general expenses. I’m honored to join Align’s Board of Directors and help the Align management team capitalize on this growing opportunity.”
In addition to this latest investment, Align has secured a new debt facility from Bastion Consumer Funding II LLC. Through this new partnership, Align will build on its already significant ISA portfolio of more than 4,500 customers. Align has also expanded into Florida and Arizona, broadening its reach and ability to offer this pioneering product to even more consumers. Align’s expansion into Arizona follows its selection for inclusion in the state’s groundbreaking fintech Regulatory Sandbox based on its innovative offering.
“We’re thrilled to announce this new funding and vote of confidence from our strategic investors as we work to drive the first real transformation of the traditional personal loan in decades,” said Paul Cho, CEO of Align. “I couldn’t be more proud of, and impressed by, the extended Align team for its resilience and ability to continue to drive significant growth and expansion, even in extremely difficult circumstances following the unexpected death of the company’s founder and CEO Nathan Popkins.”
About Align Income Share Funding
Align, founded as Cumulus Funding in 2011, is the nation's only provider of ISAs (Income Share Agreements) for general use, providing a rapidly growing number of people access to money in a more flexible and fair way. Align delivers these innovative consumer solutions to thousands of customers across Arizona, California, Delaware, Florida, Illinois, Montana and Wisconsin.
For more information regarding Align, please visit the Align website.
Source: Align Income Share Funding
Categories: Banking, Finance, Insurance