It’s been a busy morning for FactorTrust. The alternative credit bureau announced today that Michael Heller, an information and analytics industry leader, has joined as president, according to a company press release.
In other news, FactorTrust also closed on a $42 million investment led by ABS Capital Partners, a leading late-stage growth company investor, and MissionOG, an early- to growth-stage investor, according to the release. FactorTrust said it will “accelerate its growth and expand its suite of offerings to enable lenders to drive desired business results in a challenging compliance environment,” with the recent investment.
Heller serves as MissionOG advisor and previously co-founded and served as president of Argus Information and Advisory Services, which was acquired by Verisk Analytics in 2012.
“We are well-positioned to continue making a significant impact on the underbanked industry and are excited to have Michael Heller as president during this new phase of growth,” FactorTrust chief executive Greg Rable said in the release. “FactorTrust has tremendous potential for further growth, including by broadening the industries we serve beyond short-term and installment lenders and by expanding our focus beyond underwriting data services, both of which could be accelerated by acquisitions.”
Through the investment, Phil Clough, ABS managing general partner, and Gene Lockhart, chairman and managing partner of MissionOG will also join FactorTrust as board chairs.
“We ultimately chose FactorTrust because we perceived their data and analytics as the most differentiated and useful in the alternative credit space,” Clough said in the release “The underbanked industry is constantly evolving, and we felt FactorTrust was innovative and the best equipped to manage and benefit from the rapid rate of change.”
