Freedom Financial Network Announces Close of $233M Securitization with AAA Ratings from DBRS, Kroll

Oversubscribed deal is the 11th Freedom securitization and brings total issuance to over $3.2 billion

January 26, 2022

SAN MATEO, Calif. January 26, 2022 – Freedom Financial Network (FFN), a leading digital personal finance company, is pleased to announce the closing of a securitization consisting of $232.89 million in rated notes backed by FreedomPlus personal loans.
The securitization, FREED ABS Trust 2022-1FP, was 3.5 times oversubscribed by investors and is the first Freedom deal to receive an AAA rating from DBRS Morningstar and the third to receive a AAA rating from Kroll Bond Rating Agency (KBRA). The underlying FreedomPlus loans were originated by bank partners Cross River Bank® and MetaBank®, N.A. on the Freedom Financial Asset Management (FFAM) platform. FreedomPlus loans help consumers consolidate debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans.
“Receiving AAA ratings from two credit-ratings agencies illustrates the strength of our robust credit enhancements and FFAM’s unique expertise with FreedomPlus personal loans,” said Joseph Toms, president and chief investment officer of FFAM. “We look forward to continuing to help consumers achieve their personal financial goals, while also providing compelling products to investors.”
The Class A, Class B, Class C and Class D fixed-rate notes were rated AAA (sf), AA- (sf), A- (sf) and BBB- (sf) by KBRA. The Class A,Class B and Class C fixed-rate notes were rated AAA (sf), AA (sf) and A (low) (sf) by DBRS Morningstar. The D class notes were not rated by DBRS.
“This transaction validates that we are succeeding in our mission of helping everyday people overcome debt and improve their financial outlook,” said Andrew Housser, co-founder and co-CEO of FFN. “We are encouraged by the strong demand from consumers and investors alike for our unique products and approach.”
Underwriting the transaction was Credit Suisse, serving as structuring agent and joint book runner; Jefferies, joint book runner; and Truist Securities, joint book runner. The transaction structure features overcollateralization, subordination, a reserve fund and excess spread, offering the following levels of credit enhancement:
Class A Notes: 58.75%
Class B Notes: 37.75%
Class C Notes: 28.25%
Class D Notes: 15%
The deal is the 11th securitization from Freedom Consumer Credit Fund (FCCF) and its FREED ABS Trust, bringing total issuance across all securitizations to more than $3.2 billion. Total loan originations through the FFAM platform now exceed $6.1 billion, including more than $4.5 billion in FreedomPlus personal loans. FFAM, an FFN company, is the managing member of FCCF.

About Cross River Bank
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at or Twitter @crossriverbank.

About Meta Financial Group, Inc.®
Meta Financial Group, Inc.® (“Meta”) (Nasdaq: CASH) is a South Dakota-based financial holding company. At Meta, our mission is financial inclusion for all®. Through our subsidiary, MetaBank®, N.A., we strive to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. Meta works to increase financial availability, choice, and opportunity for all. Additional information can be found by visiting

About Freedom Financial Network
Freedom Financial Network is a leading digital personal finance company, built to help people. We do what traditional banks don’t: Put people first. We believe in treating people like humans, not account numbers. We help everyday people get on, and stay on, the path to a brighter financial future, with innovative technology and personalized support at every step. We help people control expenses, manage debt (Freedom Debt Relief ), save money, plan ahead, and make better financial decisions. By leveraging our proprietary data and analytics, and artificial intelligence we are able to offer solutions tailored for each step of a consumer's financial journey, including personal loans, home equity loans, help with debt, and even financial tools and education (

For information on career opportunities at FFN, visit:

For media inquiries contact:

VP, Corporate Communications
Freedom Financial Network
+1 415-710-9006