Building a better business
Prior to the credit crisis, Atlanticus was one of the largest non-bank credit card issuers in the U.S. It stepped back from the consumer credit market in 2010-14 due to an uncertain regulatory environment, but re-entered in mid-2015 given greater regulatory clarity.
Fortiva uses proprietary analytics and a flexible technology platform to enable the provision of credit cards to the financially underserved consumer credit market. The business has the infrastructure, technology, teams and standards to originate and service a high-quality portfolio of receivables.
TowerBrook’s partnership with Atlanticus reflected the alignment of our interests and strong working relationship, together with our experience in dealing with complex regulatory environments and securitization-style financing.
In February 2017, TowerBrook’s Structured Opportunities Fund I entered into definitive agreements to provide up to US$90 million of financing to Fortiva, committing to invest through a Master Trust structure during a five-year commitment period.
TSO I’s invested capital was allocated among multiple tranches of notes that were collateralized by a portfolio of credit card receivables.