SAN DIEGO and NEW YORK – July 24, 2018 – Applied Data Finance, LLC (ADF), a leading technology-enabled lender and asset manager, announced today that it has closed $145 million of equity and debt financing.
MAI Capital Management, LLC (MAI), Victory Park Capital Advisors, LLC (VPC) and Park Cities Asset Management, LLC (PCAM) were the primary participants in the transactions, along with several new and current family office investors.
Through its Personify Financial online lending platform, ADF provides unsecured, personal loans to consumers often overlooked by traditional financial institutions. This new capital will fuel ADF’s continued growth and allow the company to reach even more individuals in need of straightforward, affordable loans.
“Since we founded ADF, we’ve employed an unrelenting focus on careful testing and risk management. We view this successful fundraising as a validation of that approach, and we are now poised to accelerate the growth of our business,” said Krishna Gopinathan, Co-Founder and Chief Executive Officer at ADF.
Founded in 2014, ADF has originated over $100 million in loans and has grown to 180 employees with offices in New York, San Diego and Chennai, India. Since its inception, ADF has raised total financing of $275 million.
“ADF combined talent with a history of innovation in the industry with financial, technological and capital markets acumen to bring a new lending model to the market. We believe ADF has great opportunities for growth.” said Rick Buoncore, Managing Partner of MAI. “The number of Americans without a financial cushion is stunning. With no access to the traditional banking and credit system, ADF’s innovative and responsible approach to lending is a welcome relief to these individuals.”
“Our team has worked with consumer lenders for over a decade. Looking back, the product ADF has already developed is exceptional. Looking forward, we see enormous growth potential as ADF expands on its current markets and product offerings,” said Alex Dunev, Managing Partner of PCAM.