Congratulations to Factortrust and Transunion with an Eye Toward the Future
Congratulations to Greg Rable, Chris Amato and the entire FactorTrust team on the company’s acquisition by TransUnion. This is a fantastic outcome for all parties, and it has been rewarding to assist this amazing team.
MissionOG, along with ABS Capital, led the partnership with FactorTrust in October 2015. At the time, we strongly believed that there was a unique opportunity to identify and invest in the leading alternative credit bureau. That objective led us to FactorTrust. As TransUnion indicated, “Short-term and other small-dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases. In many cases, historically underbanked consumers have selected short-term loans because an insufficient credit history left them with few options.” The breadth of data offered by FactorTrust provides lenders with a more comprehensive view of consumers’ financial obligations and payment performance. The resulting expansion of consumer choice leads to greater inclusiveness and more opportunity. We recognized the benefits FactorTrust provided to the market and those consumers with a lack of credit history.
Central to the thesis behind our partnership with FactorTrust was the strength of their team. We believed in their ability to navigate a fast-growing market and ultimately execute on their vision.
Gene Lockhart served Chairman of FactorTrust and MissionOG Senior Advisor Michael Heller became president and a board director. Given their previous experience, both provided valuable perspective and an active network of talent and business development introductions to the company. Gene Lockhart noted, “From the very beginning we knew FactorTrust was a special company with a remarkable ability to navigate and execute on its goals. We were honored to have worked with them and our investment partner ABS Capital to achieve this great outcome.”
As part of TransUnion, FactorTrust will be able to accelerate its growth trajectory. As Greg Rable indicated, “Joining TransUnion is a great match for FactorTrust. We share a commitment to serving consumers and customers with the highest ethical and compliance standards. Our products complement TransUnion’s slate of online and batch solutions, and our combined data will expand options for consumers and lenders.”
We now look forward to watching the team achieve its vision as part of TransUnion.