New York (HedgeCo.Net) – Argon, a leading provider of online consumer loans, today announced that it has successfully raised a total of $81 million from investors, highlighted most recently by a $75 million debt facility from a credit hedge fund.
“The financing will enable Argon to accelerate its growth in originating near-prime and prime consumer loans through its proprietary online platform.“ Gary Zumski, CRO and co-founder at Argon said. “Pairing collective knowledge from our days in the mortgage industry, along with our dedication to Big Data and deep analytics, enables us to drive innovative solutions to our clientele.”
The most recent debt capital infusion was provided by Princeton Alternative Funding, the general partner and manager of the Princeton Alternative Income Fund.
Argon was represented by Bruce Goldstein, Managing Partner of Alhambra Circle Partners of Miami, Florida. Discussing ACP’s involvement, Wolfe added “Bruce is a consummate professional, and his industry insight proved instrumental in executing the financing.” Argon will use the capital to stimulate national expansion of the product pipeline, grow its loan portfolio and accelerate innovation in its proprietary machine learning algorithms. ACP was the sole advisor and exclusive banker to the company.
Alex Akesson
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