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Global Analytics knows there's plenty of opportunity among the vast numbers of folks who shun traditional credit sources.
"In the United States, this is a huge market, about 20 percent of the population, who are underbanked," said Michael Thiemann, Global Analytics chief executive officer. "There are literally hundreds of billions of dollars in financial services products used by this population."
The privately held, nonbank lender has two subsidiaries, Zebit and Lending Stream, both operating in the United Kingdom, and plans to launch in the U.S. this year, assuming it receives the proper licenses.
"We hope to be in the market by the beginning of the holiday season," said Thiemann, who oversees operations from an office in University City.
Global recently obtained a $30 million debt facility from Crystal Financial LLC, although those funds are specifically tabbed for the U.K. Thiemann says the company will rely on some of the $50 million in equity capital raised from four venture capital rounds to get the domestic business going. Since its inception in 2003, Global has raised $95 million (some $45 million in debt).
Changed Its Model
Given what the business accomplished since changing its model in 2008 to become a direct, short-term unsecured lender, expansion to the most debt-happy nation on...