Oaktree Capital investing $250M in Coign credit card
Investment firm Oaktree Capital has closed a $250 million deal with Coign, a credit card company catering to conservatives. This marks one of the largest institutional investments in the parallel economy, according to NYNext.
The parallel economy has been gaining popularity among conservatives seeking products that align with their values. While companies like Coign have established a presence, they have not received significant recognition from major financial institutions. Oaktree Capital’s investment, led by billionaire Howard Marks, indicates a growing interest in this movement from traditionally apolitical investors.
Coign announced in a statement to investors that the $250 million partnership with Oaktree will provide a debt facility to expand their super-prime credit card portfolio and introduce non-prime cards.
Chris Gray, Managing Director at Oaktree Capital, stated that Coign is poised to become a significant player in the fintech industry.
When asked about the deal, Rob Collins, Founder and CEO of Coign, emphasized the significance of Oaktree’s involvement in recognizing the market potential of 120 million American conservatives.
According to Coign’s data, conservatives represent the largest and wealthiest demographic in the US. However, they have been limited to using credit cards that predominantly support liberal causes. Coign aims to provide an alternative that resonates with conservative values.
Collins highlighted the increasing demand for conservative-oriented products and the strong customer loyalty they generate. Coign’s credit card already boasts tens of thousands of members across all states, with an additional 110,000 individuals on the waiting list as the company expands its operations.
250M capital Card Coign Credit Investing Oaktree
