Achieve Secures $50 Million Warehouse Facility from Silicon Valley Bank
- SVB has provided a $50 million warehouse facility to Achieve, supporting their HELOC program. HELOC borrowers have saved an average of almost $10,000 per year compared to previous unsecured debt payments.
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SVB's leading fintech practice provides home equity lending warehouse facility to Achieve
Provided by SVB's national fintech practice, the financing facility will support Achieve's HELOC program which is designed to help homeowners with unsecured debt manage high interest rates by using a portion of their home's available equity to consolidate their debt, lower their payments, and free up more available cash flow. Since Achieve Home Loans launched in 2019, HELOC borrowers have saved an average of almost
"Consumers are looking for options to help manage the impacts of high interest rates and inflation while tapping into their existing home equity," said Achieve Chief Financial Officer Ralph L. Leung. "Through our continued strong relationship with SVB, we look forward to being able to serve more everyday people with our differentiated HELOC program."
"Achieve is a national leader in providing innovative products and tailored solutions to help consumers reduce debt, improve cash flow, save money, and ultimately, reach a better financial future," said Brian Foley, Head of Warehouse and FinTech Relationship Management. "SVB is proud to continue our longstanding relationship with Achieve and provide them with the financial products and advice they need to grow their business and help more consumers."
As the leader in serving the fintech industry, SVB provides fintech clients with specialized banking services, specialty financing and payment solutions including venture debt, warehouse lending, payment processing, and APIs.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout
About Achieve
Achieve is the leader in digital personal finance. Our solutions help everyday people get on, and stay on, the path to a better financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer's financial journey and include personal loans, home equity loans and help with debt. In addition, Achieve also provides financial tips and education, including a free specialized mobile app, MoLO (Money Left Over). Headquartered in
Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including Bills.com, LLC d/b/a Achieve.com (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC d/b/a Achieve Personal Loans (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.
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SOURCE Silicon Valley Bank
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