Castlelake, L.P. ("Castlelake"), a global alternative investment manager focused on asset-rich opportunities in private markets, today announced that it reached an agreement to provide financing, through its funds and entities, to 118 118 Money for the origination of a portfolio of approximately £200 million in new consumer credit accounts.
Founded in 2013 to address the need for credit solutions among near prime consumers, 118 118 Money is a UK-based financial services company focused on providing high-integrity products that help consumers embrace and strengthen good financial habits. Since 2015, Castlelake has invested approximately $3 billion in specialty finance opportunities, including financing or acquiring more than 5 million consumer receivable accounts.