Think Finance is announcing that they’ve secured a $90 million credit facility from Victory Park Capital Advisors. This massive line of credit will be used to develop, expand and underwrite, Elastic, Think Finance’s web-based bank account replacement product.
Elastic is currently operational as a pilot program, providing its online bankers with an Elastic debit card, line of credit, and access to bank account statements and account history. Think Finance will enhance Elastic’s services with a savings feature, financial literacy tools and budgeting tools. The company plans to release these features and aggressively push Elastic in the first quarter of 2011.