Achieve closes $263.3 million, AAA-rated personal loan securitizationDeal backed by Achieve Personal Loans brings total securitization volume of Achieve assets to over $5.9 billion

SAN MATEO, Calif., Sept. 9, 2024 — Achieve, the leader in digital personal finance, announces the August 29 close of an offering of $236.35 million in rated notes backed by Achieve Personal Loans.

The securitization, ACHV ABS Trust 2024-2PL, includes four classes of rated notes and is backed by 14,488 unsecured consumer personal loans. It is the 24th securitization of Achieve loan assets and the first transaction jointly sponsored by Achieve and Jefferies. Previous securitizations of Achieve’s unsecured personal loans were sponsored by Freedom Consumer Credit Fund, LLC, an investment fund affiliated with Achieve. In addition, ACHV ABS Trust 2024-2PL is the 10th securitization of Achieve personal loans to receive a AAA rating from DBRS Morningstar and the 12th to receive a AAA rating from Kroll Bond Rating Agency (KBRA).

“This transition to Achieve serving as a co-sponsor of our personal loan securitizations and bringing in other co-sponsors to our deals provides new capital markets flexibility and supports our mission of helping consumers get on, and stay on, the path to a better financial future,” said Achieve Co-Founder and Co-CEO Andrew Housser.

Achieve Personal Loans help individuals responsibly manage high-interest debt by consolidating revolving accounts into easy to manage, more consumer-friendly installment loans. The fully amortizing, unsecured consumer loans can have original balances ranging from $5,000-$50,000, two-to-five-year terms and a fixed interest rate ranging from 7.99% to 26.99%. Underwriting for Achieve Personal Loans is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness and willingness to repay. The loans are originated by bank partners on the Achieve Personal Loans platform.

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 (low) (sf), respectively, by DBRS Morningstar. The Class D notes were not rated by DBRS. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread.

“We are pleased to serve as a co-sponsor of this securitization and partner in this exciting new chapter of Achieve’s strong capital markets track record,” said Jefferies Managing Director, Securitized Markets Group Michael Wade.

In addition to co-sponsor, Jefferies served as Structuring Agent, Rated Notes Initial Purchaser and Joint Bookrunner. Morgan Stanley served as Initial Purchaser and Joint Bookrunner for all classes of notes. Barclays and CRB Securities served as Rated Notes Initial Purchasers and Joint Bookrunners.

Since 2018, Achieve assets have served as collateral in 20 personal loan securitizations and four home equity line of credit securitizations. Cumulative issuances across all Achieve-related securitizations total over $5.9 billion and total loan originations through the Achieve Personal Loans platform and by Achieve Home Loans is over $11 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 or outside the United States in compliance with Regulation S under the Securities Act.

About Achieve

Achieve, THE digital personal finance company, helps everyday people get on, and stay on, the path to a better financial future. Achieve pairs proprietary data and analytics with personalized support to offer personal loans, home equity loans, debt resolution and debt consolidation, along with financial tips and education and free mobile apps, Achieve MoLO (Money Left Over) and Achieve GOOD™ (Get Out Of Debt). Achieve has 2,500 dedicated teammates across the country with hubs in Arizona, California, Florida and Texas. Achieve is frequently recognized as a Best Place to Work.

Achieve refers to the global organization and may denote one or more affiliates of Achieve Company, including Achieve.com (NMLS ID #138464); Achieve Home Loans, Equal Housing Lender (NMLS ID #1810501); Achieve Personal Loans (NMLS ID #227977); Achieve Resolution (NMLS ID # 1248929) and Freedom Financial Asset Management (CRD #170229).