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Victory Park provides credit facility and preferred equity to Cognical

Victory Park Capital (VPC) has provided a USD100 million senior secured credit facility to Cognical (d/b/a Zibby) to expand its omni-channel lease-to-own payment platform for in-store and online shopping.

The credit facility, along with the accompanying equity investment, will help the company grow and scale its lease portfolio, providing underbanked consumers with an affordable alternative for acquiring durable consumer goods such as furniture, appliances and electronics.
“Zibby has identified an underserved lease-to-own financing niche within the non-bank financial services landscape and has developed the underwriting and risk analytics to capitalise on it,” says Gordon Watson, partner at VPC. “Zibby attempts to empower underbanked consumers with limited credit profiles by providing a payment option for acquiring household necessities that they otherwise could not afford.”
Based in New York, Zibby already offers its payment solution online and in-store across 46 states and is expanding its presence among retailers in the US.
“We are looking forward to a long partnership with VPC and highly value the team’s knowledge and track record within the specialty finance sector,” says Brandon Wright, CEO of Zibby. “Their investment will provide Zibby with the debt capital necessary to dramatically expand our retailer footprint and help those retailers support this huge, underserved customer base.”

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