SunTrust Banks Inc. has acquired FirstAgain LLC, an online lender that targets superprime borrowers.
Terms weren’t disclosed and the companies expect the deal to close next quarter. Current management will continue to run FirstAgain and it will be housed in SunTrust’s consumer banking division.
FirstAgain, of San Diego, Calif., makes unsecured loans for $10,000 to $100,000 to borrowers with sterling credit histories through its website. Founded in 2005, the lender owns proprietary technology that allows it to offer a “digital and paperless origination, underwriting and servicing experience,” according to a news release. Atlanta-based SunTrust said FirstAgain’s technology will benefit the bank’s customers through “innovative enhancements to SunTrust’s online lending offerings.
Applicants can receive proceeds from FirstAgain the same day they apply, the company says. FirstAgain’s financial backers have included New York-based Arsenal Capital Partners and Bank of America’s Merrill Lynch.