Bastion Management Closes $20 Million Facility with Vernance
Summary
STAMFORD, Conn., July 24, 2024 /PRNewswire/ -- Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $20 million with accordions up to $60 million in Vernance LLC ("Vernance" or the "Company") to fund future growth of their consumer lease-to-own ("LTO") portfolio.Vernance provides financing solutions for a wide range of consumer discretionary products. They work closely with their extensive network of approximately 4,000 third-party retailers, enabling customers to access financing options through both in-store and online transactions. Over a decade since its inception, Bastion has closed over 50 transactions and over $1.3bn in total commitments to traditional consumer lending platforms and emerging companies in the financial technology industry. Bastion has a successful track record partnering with companies that have strong management teams and committed equity backing in support of the initial growth stage through to public listing. Through a network of over 4,000 retail partners, Vernance is transforming the in-store and online shopping experience, fostering deeper customer connections and driving merchant growth.