DigniFi Secures $175 Million in New Funding to Expand Auto Repair Financing Solutions
July 09 2024 - 8:47AM
Business Wire
Encina Lender Finance and Brigade Capital Management Partner
with DigniFi to Enhance Financial Access for Vehicle Repairs.
DigniFi, a leading FinTech company specializing in automobile
repair financing, is thrilled to announce the addition of two new
strategic funding partners on May 14, 2024. Encina Lender Finance
provides up to a $150 million credit facility while Brigade Capital
Management contributes an additional $25 million in debt
financing.
“DigniFi is grateful for the increased commitment from Brigade
Capital and the recently closed warehouse facility with Encina
Lender Finance. We look forward to both organizations being
strategic partners to DigniFi,” said Neeraj Mehta, CEO of
DigniFi.
DigniFi has built its reputation by offering access to
innovative financing solutions for vehicle repair and maintenance
services. Through its proprietary platform, DigniFi empowers
customers with convenient finance options, funded by WebBank, for
their vehicle repairs, ensuring that unexpected expenses do not
hinder their mobility.
“Encina Lender Finance is proud to partner with DigniFi and
Brigade. Neeraj and his team, with their depth of experience and
tremendous track record, are well-positioned to continue to scale
their business and drive growth for their merchant partners,” said
Ed Chang, Co-CEO of Encina Lender Finance.
“Brigade is pleased to build on our existing relationship with
DigniFi and support the Company’s efforts to expand inclusive
financing to consumers,” said Steven Bleier, Portfolio Manager and
Head of Structured Credit at Brigade.
About DigniFi
DigniFi is a FinTech company and leader in the world of
transportation. We help auto dealers and small businesses across
the country grow their revenue and delight their customers with
access to visionary, inclusive financing. Our technology simplifies
the loan application process and enables small businesses to offer
on-the-spot financing, for auto repairs, parts and accessory
purchases, maintenance packages, insurance deductibles, and vehicle
service contracts. All credit products are originated by WebBank.
To date, DigniFi has helped over 2,200 small businesses across the
nation secure almost $445 million in incrementation transactions.
For more information, please visit DigniFi.com.
About Encina Lender Finance
Operating from both coasts, ELF offers revolving lines of
credit, delayed draw term loans, and forward flow purchase programs
ranging in size from $50 - $150 million to emerging and established
specialty finance companies with strong junior capital sponsorship
across a wide range of short-to-intermediate duration asset classes
in the consumer and commercial finance sectors. Targeted consumer
asset classes include unsecured installment and revolving loans
(direct-to-consumer and point-of-sale), secured vehicle finance,
home improvement, and student lending (in-school vocational, refi).
Targeted commercial asset classes include asset-based lending,
factoring, equipment finance, floorplan finance, CRE bridge
lending, enterprise value lending, and small balance SMB lending
(both direct-to-business and embedded point-of- sale). In addition,
ELF provides streamlined “first-out” financing to other like-minded
private credit investors in the specialty finance sector. ELF
utilizes a combination of cutting-edge technologies and rigorous
collateral-level analysis to generate differentiated investment
insights and to formulate creative solutions to its counterparties’
portfolio and enterprise financing needs. For additional
information, please visit ELF’s website at:
https://lenderfinance.encinacapital.com/.
About Brigade Capital Management
Brigade Capital Management, LP (“Brigade“) is a global asset
management firm founded in 2006 with approximately over $26 billion
in assets under management. Brigade invests in public and private
credit instruments using a bottoms-up investment philosophy across
a variety of diversified funds. As an SEC registered investment
advisor, Brigade is one of the largest independent alternative
asset managers with a 45-person investment team. Founded by Donald
E. Morgan III, CIO and Managing Partner, the firm is headquartered
in New York with a global footprint that includes an office in
London.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709718551/en/
For DigniFi: Susan Coyne Director of Marketing
media@dignifi.com
For Encina: Info@encinacapital.com