Best Egg, a financial platform that provides simple solutions to help people with limited savings confidently navigate their everyday financial life, today announced financial results for the full year 2022. Best Egg, owned by Marlette Holdings, Inc., experienced record-breaking performance in 2022, with new annual highs in personal loan and card originations, gross revenue, and pre-provision net revenue.
“We delivered a solid financial performance in 2022 despite a challenging macro environment, representing our continued commitment to scaling and building the Best Egg financial platform in support of our sustainable multi-product growth strategy,” said Jeffrey Meiler, CEO and Founder of Marlette Holdings. “In addition to raising $225 million of Series E preferred capital in 2022, we launched a refreshed brand visual identity for Best Egg, expanded our workforce and leadership team, made meaningful progress on our technology platform agenda, and entered the flexible rent space through the acquisition of Till.”
Best Egg has grown tremendously over the past three years, accelerating to $24 billion in personal loan originations and 2.7 million accounts since the platform’s inception in March 2014. In 2022, the Best Egg platform facilitated a record 1.3 million new accounts and originated $7.5 billion in personal loans, up 59% year over year. The company generated over $500 million in gross revenue, up more than 67% year over year, and recorded $61 million in pre-provision net revenue, up 49% year over year. Best Egg received Top Workplaces USA recognition in 2022 and won the Top Workplaces and Top Leadership awards in Delaware for large companies. It was also named one of the Best Tech Startups in the U.S. by the Tech Tribune.
“We are making good progress in supporting the unique needs of the millions of U.S. consumers with limited savings who are vulnerable to financial disruption or need flexible options that align with their cash flow,” said Meiler. “We enter 2023 with positive momentum in helping people navigate their finances confidently with frictionless and judgment-free access to money and resources that provide them a little breathing room in their budgets.”
Best Egg offers unsecured and secured personal loans, credit cards, and a free financial health tool. In 2022, Best Egg added new features to its credit card product, including promotional rates and cash-back rewards. It also expanded its financial health tool capabilities by adding new features such as debt management, financial health scores, and borrowing power. Later this year, the company will add vehicle equity loans and flexible rent solutions to its suite of products.
