Covered Holdings Announces Follow-Up Investments by Fortress and Westlake
“The Covered team has built a disruptive business serving the underserved with affordable rates and delivering strong portfolio performance,” said Dominique Ruggiero, Managing Director of Fortress Investment Group. “We are pleased to increase our investment in the business to support its growth.”
“Covered shares our mission to provide better financing solutions to Americans in need,” said Ian Anderson, Group Chairman, Westlake Technology Holdings. “We have been impressed with the performance to date and the long-term growth potential of non-traditional borrowers in healthcare and other market opportunities.”
Founded in 2020, Covered Holdings provides financing solutions that leverage the company’s proprietary lending and servicing platform with a unique focus on the needs of unprivileged Americans. Their patient financing product, Covered Care, helps healthcare providers care for patients who would otherwise be turned down for traditional credit. Their proprietary financing platform can underwrite and approve patients at all credit levels – from prime to non-prime – with affordable rates and terms. This flexibility allows healthcare providers to care for more patients without taking on risk.
Representatives from Fortress Investment Group and Westlake Financial will also join Covered Holdings’ board.
About the treatments covered
Covered Care is a buy now, pay later financing solution for growing healthcare practices. Our mission is to help healthcare providers care for more patients, which means we provide the highest approval rates in the industry (up to 100%), affordable terms (as low as 0 % APR for all credit tiers) and flexible pricing and integration options. . For more information, visit CoveredCare.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading highly diversified global investment manager. Founded in 1998, Fortress manages $53.3 billion of assets under management at December 31, 2021on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent equity investment strategies.
About Westlake Technology Holdings
Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, CA with about $15 billion in assets under management. Westlake Financial (“West Lake“) creates indirect automotive retail contracts through a nationwide network of new and used automotive and powersports dealerships. Westlake also offers credit facilities and commercial real estate loans through the intermediary of Westlake Capital Finance (WCF); portfolio management by Westlake Portfolio Management (BPM); floor plan lines of credit are provided by its Westlake Flooring Services division, www.WestlakeFlooringServices.com; cash-flow shared auto loans through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada car based lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly-owned subsidiary, LoanCenter, loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.
SOURCE Covered care