Agora Data, Inc., the FinTech company transforming automotive financing by providing U.S. independent auto dealers and finance companies precision loan performance analytics and access to ample, affordable capital, closed a $100 million revolving credit facility with Credit Suisse Group AG. This latest transaction facility allows Agora Data to accelerate and expand its ability to deliver efficient capital to loan originators who offer in-house financing solutions for non-prime auto buyers.
“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” said Steve Burke, CEO, Agora Data.
The new $100 million credit facility marks another milestone in Agora Data’s growth trajectory. The company closed the first-ever crowdsourced auto securitization in late 2020, ushering in a new way to provide independent auto dealers access to capital markets financing. Since then, Agora Data has closed multiple crowdsourced securitizations using its proprietary AI and machine learning algorithms. With patent-pending modeling, Agora Data aggregates independent dealers and finance companies with auto loan portfolios ranging from $100 thousand to more than $60 million into a single securitization.
Access to fair, competitively priced capital has been a challenge for auto dealers that offer in-house financing across the U.S. Before Agora, dealers were highly reliant on financing with high-interest rates, restrictions, and personal guarantees. Agora Data provides auto dealers with competitive and abundant financing and resources, such as advanced AI/ML modeling, that helps them construct their loan portfolios with high predictability and improved performance. This transformative fintech approach enables auto dealers to safely grow their business and offer improved lending terms to non-prime customers.