Funding of applied data, LLC (ADF), a “technology lender” and asset manager, announced Thursday it raised $ 14.2 million in its latest round of investment
Founded in 2014, Applied Data Finance is the parent company of the consumer loan brand Personify Financial. The company declared it combines four unique strengths to deliver a breakthrough in analyzing credit data for millions of people.
“Our mission [is to give] the underbanked get the credit they deserve. This is our reason for being. America’s financial institutions have basically said “no” to millions of Americans who deserve credit. They say it is too risky to lend to these “less than prime” customers. As a result, more than a third of these people turn to payday loans.
Krishna Gopinathan, co-founder and CEO of ADF, spoke about the investment, saying:
“The finalization of this capital agreement in a difficult economic environment demonstrates the strength of the platform and positions ADF to succeed in 2021 and beyond. Our ability to select economically resilient consumers has created a strong loan portfolio designed to grow profitably in virtually any economy. “
In particular, funding the investment cycle will boost ADF’s continued growth and enable the company to serve more of the underbanked people in need of simple and affordable loans.