Silicon Valley Bank provides $50m warehouse facility to Achieve
By Delisha Fernandes
Silicon Valley Bank announced that it has provided a $50 million warehouse facility to Achieve, a personal finance provider.
Achieve provides personal loans to help with debt and cash flow, home equity lines of credit, financial tools and education and has helped more than 1.5 million members resolve or consolidate over $17 billion in debt.
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 $10,000 per year compared to their previous unsecured debt payments.
“Consumers are looking for options to help manage the impacts of high-interest rates and inflation while tapping into their existing home equity,” said Ralph L. Leung, Chief Financial Officer of Achieve. “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.”
SVB provides FinTech clients with specialised banking services, special financing and payment solutions, including venture debt, warehouse lending, payment processing, and APIs.
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September 29, 2023