Wilmington, Delaware-based fintech firm Marlette Holdings, whose subsidiaries develop and operate the Best Egg online credit and financial wellness platform, has raised $225 million in a Series E funding round.
The round was led by the Healthcare of Ontario Pension Plan (HOOPP), an independent provider of pensions specifically tailored to Ontario’s healthcare sector, which manages over $80 billion in assets.
Investment funds advised by Davidson Kempner Capital Management LP as well as an undisclosed “large international bank” also participated.
The company claims the Best Egg platform had a “record-breaking year” in 2021, bringing in $300 million in revenue and facilitating $4.6 billion in personal loans. It also launched a Visa credit card product and a new financial health tool.
The firm has facilitated more than $16 billion in consumer loans since the platform’s launch in 2014.
Andrew Deringer, chief capital officer at Marlette, says: “This capital raise allows us to fund our growing credit card business, explore expansions to our platform and evaluate additional strategic opportunities to create more value for our target consumer.”