STAMFORD, Conn., Oct. 06, 2021 (GLOBE NEWSWIRE) — Finacity Corporation, a White Oak Company, ("Finacity") announced that it has successfully completed the facilitation of a new consumer loan funding program for Express Credit Group's Botswana specialty finance operations ("Express Credit"). The new facility will purchase loans from Express Credit through a newly created special purpose corporation. The first tranche consisted of the purchase of USD 9.0 million pool of payroll deduction loans. Additional tranches are expected to follow. Finacity developed the program in coordination with Africa based financial advisor Africa Growth Capital.
About Express Credit Group
Express Credit Group operates specialty finance businesses in several African nations, including Botswana and Namibia. Express Credit offers payroll deduction loans, unsecured loans and real estate secured loans to consumers. Charlotte Mathula, CEO of Express Credit Botswana said that "the new loan funding program enhances our liquidity and our ability to serve our customers. Express Credit Botswana anticipates additional loan demand which could be supported by this new facility."
About Finacity, a White Oak Company
Finacity, a White Oak Company, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back–up servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe Latin America and Asia, Finacity conducts business throughout the world with obligors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. For further information, please visit www.finacity.com.
About White Oak Global Advisors
White Oak Global Advisors, LLC ("WOGA"), together with its financing affiliates, provides over twenty lending products to the market, including term, asset–based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $9 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk–adjusted investment returns to investors while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
For more information on this transaction, please contact:
FINACITY CORPORATION, a White Oak Company
Tel: +1 203 428 3511
Mobile +1 917–833–1827