Genesis Financial Solutions Closes Growth Equity Investment from The Edgewater Funds
PORTLAND, Ore.–(BUSINESS WIRE)–Genesis Financial Solutions, Inc. (“Genesis”), announced that it recently completed a growth equity investment from The Edgewater Funds (“Edgewater”). Genesis is a rapidly growing specialty consumer finance company focused on the acquisition and origination of credit cards and student loans. Genesis partners with banks, career colleges and other consumer-oriented organizations to create customized lending programs.
Proceeds from the investment will be used to fund new consumer receivables. Genesis intends to concentrate on building its credit card and student loan portfolios. Since its founding in 2001, Genesis has developed a strong underwriting and servicing platform in the non-prime unsecured consumer credit market. The company currently employs 160 people in Portland, Oregon, where it manages and services over $2 billion in consumer receivables.
“We are delighted to have closed this round of funding from Edgewater,” commented Bruce Weinstein, President and CFO of Genesis. “In this period of uncertain economic conditions and disrupted credit markets, we believe there are strong opportunities for our business. Because of our strong market presence and rising demand for our lending programs, the new equity will accelerate our growth.” Added Irving Levin, CEO of Genesis, “This investment is particularly timely because of our significant opportunities in making private tuition loans for career college students.”
Gregory K. Jones, Partner at Edgewater, said, “The current state of the consumer credit market presents an opportunity for Genesis to build new relationships and deploy capital at attractive levels. Genesis utilizes innovative, consumer-friendly financial products. We are excited about partnering with such a high quality management team and we look forward to helping grow their business.”
About Genesis Financial Solutions, Inc.
Genesis Financial Solutions, Inc. is a provider of specialty consumer finance solutions. The company specializes in acquiring and originating credit cards and student loans. Genesis manages and services subprime unsecured consumer receivables throughout the credit lifecycle, from performing through charged-off accounts. Genesis differentiates itself through sophisticated risk management, program delivery and product innovation. Genesis was founded in 2001 and is located in Portland, Oregon. For more information, visit http://www.genesis-fs.com/.