With the addition of Xactus to ACES’ network of integrated third-party verification service providers, lenders can order, track and receive Xactus re-verification documents directly within the ACES Quality Management & Control platform to streamline the quality control (QC) audit process and eliminate errors from manual data re-entry. Xactus verification reports now available within ACES include Employment Verification, Credit Report, and Tax Transcripts.

“We’re thrilled about this integration. We’re giving ACES’ users access to our top-tier verifications enhancing their ability to support their loan quality and risk management initiatives,” said Michael Crockett, Chief Operating Officer of Xactus.

“This integration represents a significant advancement for our clients, providing them with streamlined access to critical, best-of-breed verification services directly within ACES,” said Trevor Gauthier, CEO of ACES Quality Management. “By incorporating Xactus’ comprehensive verification services into our existing network, we’re empowering lenders to enhance the efficiency of their quality control processes while maintaining the highest standards of loan quality and mitigating potential risks.”

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Founded in 2000 and headquartered in London, MV Credit is an independently managed European private credit specialist. With $5.1 billion in assets under management (AUM), MV Credit provides tailored fund solutions to investors across senior direct lending, subordinated direct lending, hybrid, and collateralized loan obligation (CLO) strategies. MV Credit has deployed more than $11 billion since its inception, leading over 500 bespoke transactions of up to $500 million with sponsors such as EQT, Nordic Capital, Cinven and Bain Capital. MV Credit is differentiated by its experienced senior management team, whose members each have more than two decades of investment experience across multiple credit cycles.

Upon closing, Clearlake’s credit business will have over $28 billion AUM, as well as firmwide AUM of over $90 billion. Upon the close of the acquisition, Clearlake’s team will consist of more than 230  professionals with offices in Santa Monica, Dallas, Dublin, London, Singapore, Abu Dhabi, Paris and Luxembourg.

“Credit has been in Clearlake’s DNA since our inception and is core to our firm strategy. MV Credit’s exceptional track record and deep expertise in private credit align perfectly with our existing credit business and strengthen our continuing presence in Europe,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “Clearlake has deployed over $40 billion in debt and preferred equity investments since 2006, and with MV Credit’s expertise we will broaden our global direct lending capabilities to better serve sponsors and other clients while expanding product offerings for our investors.”

“With this acquisition, Clearlake’s credit business will attain significant scale, with credit AUM growing from ~$6 billion in 2020 to over $28 billion today,” said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “We have been very deliberate in how we’ve built our credit business, and the addition of MV Credit, with highly complementary direct lending capabilities, provides us with new opportunities for strategic growth.”

“Clearlake and MV Credit share a similar credit investment philosophy and culture, and we believe the combination will be a winning proposition for the market,” said Frédéric Nadal, Chief Executive Officer of MV Credit. “The demand for private credit keeps growing, and the partnership with Clearlake allows us to further address client needs around the world. Our firms share a culture of teamwork, integrity and commitment to excellence. We look forward to being part of the Clearlake family.”

Kirkland & Ellis LLP and Milbank LLP are serving as legal advisors to Clearlake, while Fenchurch Advisory is acting as financial advisor and Dentons is acting as legal advisor to Natixis IM on the transaction. DLA Piper LLP is serving as legal advisor to the MV Credit Partners.

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Matt joins Happy Money from Sunlight Financial, a provider of affordable loans for clean energy projects, where he served as CEO for nearly a decade. Under Matt’s leadership, Sunlight funded over $10 billion in loans, representing over 250,000 families who were able to go solar, ultimately helping create a more sustainable future. Matt also held leadership roles at Bank of America where he led the Home Equity and Auto Products division to grow its market share by more than 50%.

“Happy Money has brought significant value to the market in recent years, creating a model that helps consumers streamline debt more quickly and affordably while enabling credit unions to attract new members and strengthen their balance sheets with a desirable asset,” said Potere. “Happy Money’s passionate and dynamic team, sophisticated proprietary underwriting models, and close ethos alignment with credit unions sets us apart. I’m energized to help drive the next chapter of growth at Happy Money as we continue to empower consumers to meet their financial goals and credit unions of all sizes to scale both digitally and nationally.”

The Happy Money platform enables credit unions to effectively fund personal loans to help consumers pay off debt more quickly, ultimately driving member acquisition and impact. Backed by TruStage Ventures, the company has a track record of success with the credit union community, originating over $6 billion in loans in partnership with credit unions, representing more than 300,000 new members.

“Matt is a seasoned leader with deep experience in end-to-end digital lending, which will bring considerable benefit to our credit union lending partners,” said Brian Kaas, President and Managing Director of TruStage Ventures and Happy Money board member. “His unique expertise and skill set, along with his strong cultural alignment, make him an ideal addition to Happy Money’s leadership team. Matt has already hit the ground running, and I look forward to seeing how he propels the Happy Money mission forward.”

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Through this integration, SOLO now has the capability to obtain a real-time LPA assessment, helping lenders to better guide their borrowers through the mortgage application process, starting from pre-approval, and to streamline their loan approval process. TidalWave’s SOLO is designed to be highly flexible, accommodating various configurations with or without a loan origination system (LOS) integration.

“Our team has worked meticulously to ensure that our AI-powered engine not only meets but exceeds LPA’s technical specifications, and we believe that it does,” said Diane Yu, CEO and co-founder of TidalWave. “Achieving this objective is a testament to our commitment to innovation and our dedication to the mortgage industry.”

SOLO‘s pre-approval is also integrated with LPA asset and income modeler (AIM) service providers for asset, income and employment verification vendors. The AI native engine provides real-time personalized experience for borrowers and acts as the co-pilot for loan officers and processors, streamlining the process and lowering lenders’ origination costs.

“Freddie Mac is committed to fostering innovation in mortgage lending with our industry partners,” said Christina Randolph, Freddie Mac Single-Family Vice President of Seller Distribution. “TidalWave’s integration to LPA highlights their agility and capabilities. It is exciting to witness an implementation to improve consumer and lender experience while reducing costs.”

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Acuity is a trusted partner for lending institutions. It works with over 250 financial services firms, helping them drive process standardisation, improve credit risk practices and deliver data insights for their portfolio.

CreditPulse is designed to empower analysts to leverage generative artificial intelligence (AI) and help them identify emerging portfolio risks. To harness the power of data and reporting, it can integrate seamlessly with existing tech stacks at financial institutions, resulting in improved data interpretation and visualisation. This cutting-edge platform enables financial institutions to accelerate their credit lifecycle processes and achieve a 25 – 30% efficiency boost.

“We are glad to introduce our proprietary LLM tool, CreditPulse, which can be used to create summarised commentary for fact-based analysis. This tool has been created with our in-depth knowledge of the lending value chain and corresponding technology landscape,” said Rajul Sood, Managing Director and Global Head of Lending Services at Acuity Knowledge Partners.

Rajul further added, “CreditPulse leverages AI to help standardise, digitise and streamline the credit writing and review process. It enables the credit risk function to focus on insights-based analysis, reduce turnaround time and support growth in lending volumes. This leads to improved credit risk governance practices overall.”

CreditPulse offers a range of features, including end-to-end portfolio management, early warning indicators for effective risk governance, user-friendly interactive interface, configurable templates, credit repository and data extraction capabilities. The platform provides 30% cost savings over a three-year period and enables significant productivity gain in the first year of implementation.

“We are excited to bring this game-changing technology to the market. Our goal is to help financial institutions around the globe reduce the time taken for credit report generation and unlock new opportunities for growth,” said Jon O’Donnell, Chief Operating Officer at Acuity Knowledge Partners.

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Key Highlights of the Partnership:

• Enhanced Risk Mitigation: The partnership will significantly expand Numerated’s data coverage, enabling more comprehensive and accurate financial analysis and risk mitigation.
• Advanced Analytics: With more granular data comes opportunities for more complex analytics along with generative AI applications.
• Granular Data for Complex Commercial Lending Decisions: Expanded data sets will support asset-based lending as well as improve decisioning for small-dollar scored loans and larger, fully underwritten loans alike.

Michael Turner, CEO of Validis affirms the importance of the partnership, “Together, Numerated and Validis are providing the granular data that financial institutions need to make accurate credit decisions. Having these two best-in-class providers work together makes it easier for lenders to speed up decisions while reducing credit risk.”

“We are constantly looking to innovate and provide our clients with the best experience and data available. As we incorporate the power of GenAI into our financial analysis products, the integration of Validis data marks an incredible leap forward in providing the highest quality credit decisions in the market,” remarked Dan O’Malley, CEO of Numerated.

The integration of Validis’s data sharing technology with Numerated’s platform will be rolled out in phases, with initial implementation in 2024 and full implementation in early 2025.This phased approach ensures a seamless transition for customers and maximizes the benefits of the new capabilities.

About Numerated: Numerated transforms the way financial institutions lend to businesses, making the process faster and easier. Banks and credit unions of all sizes leverage Numerated’s digital business lending solutions to exceed borrower expectations for convenience while driving significant gains in efficiency. The platform uses data to streamline originations and underwriting for business lending, from application to close. More than 500,000 businesses and 30,000 financial institution associates have leveraged the platform to process over $50 billion in lending, making Numerated the fastest-growing fintech SaaS company on the 2022 Inc. 5,000.

About Validis: Validis is a group of passionate data people on a mission to connect financial data. We work with Lenders to help them connect to their customers’ accounting packages. With Validis, Lenders work faster and smarter, benefiting from instant access to detailed financial data including AR/AP subledgers and full GL transaction details. Our customers unlock significant efficiencies, save money, and get accurate insight from live, fully standardized, granular data. This powers faster and better lending.

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Having co-founded Credit Karma, one of the leading credit insights providers, Nichole is an industry titan, whose work in scaling the company gave it a platform to provide millions of Americans with a deeper understanding of their credit through a seamless product. Nichole’s invaluable experience in enabling credit access for millions of Americans in the digital age has given her a front-row seat to the technological and data advancements that have drastically impacted consumer lending decisions.

“We are undergoing a paradigm shift in credit underwriting, with new data, regulations, and technology fostering unprecedented opportunity. Capitalizing on these opportunities demands a fresh perspective with demonstrated expertise in consumer credit,” said Misha Esipov, Nova Credit Co-Founder and CEO. “I could not be more excited to welcome Nichole to our board. Bringing her experience in co-founding and scaling Credit Karma into the iconic company that it is a dream come true. Nichole’s passion and deep expertise throughout the credit ecosystem will not only be instrumental in scaling our business, but also in accelerating our mission of creating a more fair and inclusive financial system for the world.”

Nichole will help guide the company’s strategy to enable responsible business growth and insights for its clients by harnessing the power of consumer credit data, helping expand credit access in the process. This will be especially true as Nova Credit looks to advance the impactful deployment and applications of cash flow and income data across the underwriting journey.

“As open banking gains traction from regulators and from lenders looking to expand their underwriting analytics beyond the traditional credit system, Nova Credit is pioneering technological solutions that leverage data to tell a richer story for millions of misunderstood credit applicants,” said Nichole. “The company and its team are poised to create a more navigable credit system for both consumers and the businesses that serve them, and I couldn’t be more excited to contribute to its mission.”

Nichole co-founded Credit Karma in 2007 and served as Chief Revenue Officer. Previously, she was a financial services sales director at Compete, which was acquired by TNS Media. She holds a Doctorate degree from Miami University.

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The Summit comes at a crucial inflection point in the adoption of cash flow underwriting. Until now, traditional credit reporting (“your credit score”) has been the main source of an individual’s credit risk assessment. However, acceptance and availability of alternative credit data have been steadily increasing, and the CFPB’s efforts to finalize its 1033 ruling are poised to significantly advance open banking in the United States. These changes will revolutionize consumer lending practices, and position cash flow underwriting to proliferate in years to come. Urgency among financial institutions is intensifying to better understand how to adapt to these changes and take advantage of additional levers for responsible growth.

The Summit will bring together senior leaders in risk, credit, revenue and compliance from top financial institutions and fintechs to discuss the transformative potential of cash flow underwriting. Confirmed attendees at the Summit include banking and risk management executives from American Express, Bank of America, Barclays, Capital One, Mastercard, PNC, US Bank, and more.

Featured speakers include:

• Kenneth Lin, CEO and Founder, Intuit Credit Karma
• John J. McNamara, Principal Assistant Director, Markets, Consumer Financial Protection Bureau (CFPB)
• Eileen Serra, Board Director, Capital One
• Paul LaRusso, CEO, Akoya
• Brian Hughes, Former Chief Risk Officer, Discover
• Jess Turner, EVP, Global Head of Open Banking and API, Mastercard
• Eugene Ludwig, Former Comptroller, Office of the Comptroller of the Currency
• Hans Morris, Managing Partner, Nyca Partners
• Jennifer Tescher, President & CEO, Financial Health Network
• Misha Esipov, Co-Founder and CEO, Nova Credit
• Sarah Davies, Chief Analytics Officer, FinRegLab
• and more to be announced

“The credit landscape is at a point of significant transformation,” said Misha Esipov, CEO and Co-founder at Nova Credit. “Emerging data sources, evolving regulations, and enhanced analytics are fostering unprecedented opportunities and competition. Amid these changes, cash flow underwriting is quickly becoming a prominent growth strategy, offering numerous revenue-generating applications throughout the customer journey. Nova Credit is proud to present a forum to help the industry better understand these outcomes and opportunities.”

The Cash Flow Underwriting Summit offers the first opportunity for leaders across the industry to come together and gain a comprehensive understanding of how their institutions can incorporate cash flow data into underwriting. With programming that spans real-world use cases, regulatory policies and frameworks, and future innovation opportunities, it is geared at helping lenders meet the open banking moment and build a more sustainable, profitable, and inclusive financial system.

Agenda topics at the Summit include:

• Macro environment shifts are accelerating the adoption of cash flow underwriting
• Regulatory developments lenders can expect from the CFPB
• Performance lift lenders are seeing with cash flow underwriting across multiple use cases
• Ensuring compliance in deploying new credit data and analytics
• State of open banking capabilities that facilitate the movement of alternative data
• What is next in consumer lending applications and products

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Building on Lloyds Bank’s 20-plus-year track record supporting sponsor-backed UK middle-market transactions, this Partnership will offer market-leading relationship banking, providing clients with a faster, more tailored service. It removes the need for multiple funding parties, reducing complexity for clients and providing them easy access to follow-on capital and Lloyds Bank’s full range of banking services.

Oaktree’s European Private Debt platform, which sits within the firm’s Performing Credit group, has deployed over $3.9 billion during its two decades of experience in private credit. Lloyds Bank’s clients will benefit from Oaktree’s history of partnering with sponsors to develop bespoke, efficient financing solutions across multiple sectors. This will provide borrowers with quicker decisions and commitments when compared to traditional bank lending, as well as certainty of execution.

James Ranger, Managing Director and Head of Sponsors and Structured Finance at Lloyds Bank, said:

“We have a proven track record of financing sponsor clients’ transactions in the Mid-Market, and by partnering with Oaktree, we can provide a market-leading one-stop solution. As a result, sponsor clients will be able to finance larger transactions without needing to bring on board additional lenders, which will make deals easier to conclude and reduce uncertainty for all concerned. Oaktree’s deep expertise in this space makes them an ideal partner for us, and we look forward to further supporting our sponsor clients’ growth ambitions.”

Nael Khatoun, Managing Director and Portfolio Manager within Oaktree’s European Private Debt strategy, said:

“Providing financing solutions to sponsor-backed companies in the UK remains a significant long-term opportunity. We believe Oaktree’s Partnership with Lloyds Bank will be a compelling proposition to meet this demand, providing borrowers with certainty of execution and an expedited transaction process. Lloyds Bank has long established itself as a market leader in the UK, and we look forward to working with them to provide sponsor clients with a comprehensive one-stop senior debt solution for their capital needs.”

The Partnership will have a combined single name hold capacity of £175 million per transaction. Lloyds and Oaktree will seek to originate loans to UK middle-market sponsor-backed companies with £10-75 million in EBITDA.

Lloyds Bank and Oaktree have made a multi-year commitment to work together. PwC, Lloyds Bank Corporate Markets and Linklaters LLP served as advisors to Lloyds Bank. Oaktree was advised by White & Case, LLP and EY.

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Toms is a seasoned executive with over 35 years of experience in consumer finance and asset management. His visionary leadership and strategic acumen have consistently propelled companies to industry-leading positions, setting new benchmarks for performance. At Axar Capital, Toms supported the firm’s consumer finance strategy. Prior to Axar, he launched Freedom Financial’s (later Achieve.com) successful lending division. Under his leadership, the division grew into a highly profitable consumer lending business, with a top-performing $2 billion consumer credit fund and a robust securitization program that received AAA ratings from two separate rating agencies.

“Krishna has built an incredible foundation, and I am committed to building upon it and leading ADF into its next phase of growth and success,” said Toms. “Over the past several months, I have had the privilege of working closely with the talented team at ADF and have been consistently impressed by their dedication, expertise, and customer-centric approach. ADF’s sophisticated risk pricing abilities, driven by its advanced data-science capabilities and cutting-edge analytical approach, set the company apart in the industry. I look forward to working with the entire ADF team to continue delivering innovative and responsible credit solutions to our customers.”

Toms’ appointment follows the company’s successful refinancing and growth equity capital infusion in late 2023, which will allow ADF to continue growing while also exploring new opportunities for innovation and expansion.

“I am delighted to welcome Joe as the new CEO of Applied Data Finance,” said Gopinathan, who co-founded ADF in 2014 and has served as its CEO for the better part of a decade. “His extensive background in consumer finance, combined with his intimate understanding of ADF’s business as a board member, positions him perfectly to lead the company forward. I have full confidence in his ability to drive ADF’s success, and I look forward to working with him in my new capacity as a board member and advisor.”

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