Achieve announces close of $214 million, AAA-rated personal loan securitization

Cumulative securitization volume backed by Achieve loans surpasses $5 billion

August 04, 2023

SAN MATEO, Calif., August 4, 2023 Achieve, the leader in digital personal finance, announces the August 3 close of an offering of $214.41 million in rated notes backed by Achieve Personal Loans.

The securitization, ACHV ABS Trust 2023-3PL, includes four classes of rated notes and is backed by 13,104 unsecured consumer personal loans. It is the 17th personal loan securitization sponsored by Freedom Consumer Credit Fund, LLC (FCCF), an investment fund managed by Freedom Financial Asset Management, LLC (FFAM), an Achieve company. It is the seventh personal loan deal from FCCF and FFAM to receive a AAA rating from DBRS Morningstar and the ninth to receive a AAA rating from Kroll Bond Rating Agency (KBRA).

“We’re proud to reach over $5 billion in FCCF-sponsored securitizations backed by Achieve loans,” said Achieve Co-Founder and Co-CEO Andrew Housser. “This milestone is a testament to the hard work and collaboration of our team and bank partners, as well as the continued strong investor demand for our differentiated assets.”

Underwriting for Achieve Personal Loans ( formerly known as FreedomPlus loans) is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The underlying Achieve Personal Loans in the securitization were originated by bank partners Cross River Bank and Pathward®, N.A. on the Achieve Personal Loans platform. Achieve Personal Loans help consumers responsibly manage high-interest debt by consolidating revolving accounts into easy to manage, more consumer-friendly installment loans.

“We’re very pleased with the execution of the securitization,” said Achieve Chief Financial Officer Ralph L. Leung. “We had strong demand from a diverse group of investors across the four classes of rated notes, resulting in a deal that was more than nine times oversubscribed.”

The Class A, Class B, Class C and Class D fixed-rate notes were rated AAA (sf), AA- (sf), A- (sf) and BBB- (sf), respectively, by KBRA. The Class A, Class B and Class C fixed-rate notes were rated AAA (sf), AA (low) (sf) and A (sf), respectively, by DBRS Morningstar. The D class notes were not rated by DBRS. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread.

ATLAS SP Partners served as structuring agent and joint bookrunner. Truist Securities and Jefferies each served as rated notes initial purchaser and joint book runner. SMBC Nikko served as initial purchaser. CRB Securities served as rated notes initial purchaser.

Cumulative issuances across all FCCF-sponsored securitizations totals over $5 billion and total loan originations through the Achieve Personal Loans platform and Achieve Home Loans is nearly $10 billion.

This press release is for informational purposes only and is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any jurisdiction. The notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act.

About Achieve

Achieve is the leader in digital personal finance. Our solutions help everyday people get on, and stay on, the path to a better financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer’s financial journey and include personal loans, home equity loans and help with debt. In addition, Achieve also provides financial tips and education, including a free specialized mobile app, MoLO (Money Left Over). Headquartered in San Mateo, California, Achieve has nearly 3,000 dedicated teammates across the country with hubs in California, Arizona, Texas and Florida. Achieve is frequently recognized as a Best Place to Work.

Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including, LLC d/b/a (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC d/b/a Achieve Personal Loans (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.


Erica Bigley

Vice President, Corporate Communications

[email protected]



Austin Kilgore

Director, Corporate Communications

[email protected]


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