June 12 (Reuters) – Investment firm Carlyle Group has partnered with U.S. banking giant Citigroup to provide asset-backed financing to fintech lenders, the companies said on Thursday.
As part of the partnership, Carlyle and Citi will share market intelligence, and explore co-investment and financing opportunities, the companies added.
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The rise of fintech lending, fueled by convenient application processes and flexible credit, is pushing traditional financial heavyweights to gain exposure to the space.
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Facing surging demand from borrowers, fintech lenders are also increasingly turning to investment firms for capital.
“Demand for scalable and tailored asset-backed financing solutions from fintech lenders has increased as they mature and seek efficient ways to fund their growth,” said Akhil Bansal, head of asset-backed finance at Carlyle.
Asset-backed financing is a type of lending secured by a pool of assets, and is one of the fastest-growing segments of the private credit market.
