Freedom Financial Network Announces Close of $324M Securitization of FreedomPlus Personal Loans

Deal is the third Freedom securitization of 2022 to receive AAA ratings from both DBRS and Kroll

July 7, 2022

SAN MATEO, Calif. July 7, 2022Freedom Financial Network (FFN), a leading digital personal finance company, announces the closing of a securitization consisting of $323.55 million in rated notes backed by FreedomPlus personal loans.
The securitization, FREED ABS Trust 2022-3FP, is the third Freedom deal to receive an AAA rating from DBRS Morningstar and the fifth to receive a AAA rating from Kroll Bond Rating Agency (KBRA). The deal is the 13th securitization by Freedom Consumer Credit Fund (FCCF), an investment fund managed by Freedom Financial Asset Management (FFAM).
Underwriting for the FreedomPlus loan program is based on proprietary algorithms that evaluate behavioral, transactional, employment and income data, as well as a manual review of borrowers’ creditworthiness. The underlying FreedomPlus loans were originated by bank partners Cross River Bank® and MetaBank®, N.A. on the FFAM platform. FreedomPlus loans help consumers consolidate debt, lower interest rates and convert revolving debt into lower-cost, more consumer-friendly installment loans.
“The characteristics of this securitization should be very familiar to the market,” said Barry Rafferty, Senior Vice President of Capital Markets at FFAM. “One of the pillars of our ABS program is consistency in our product structure and cadence of new deals, and we believe this deal is an important demonstration of that reputation to the market.”
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 (sf) by DBRS Morningstar. The D class notes were not rated by DBRS.
“FreedomPlus loans are an important financial tool for consumers seeking to consolidate unsecured debt,” said Andrew Housser, Co-Founder and Co-CEO of Freedom Financial Network. “We are pleased to continue our strategy of regular, programmatic securitizations, particularly given the considerable shifts underway in the capital markets and economy overall.”
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. Issuance across all FCCF securitizations now totals over $3.8 billion and total loan originations through the FFAM platform now exceed $8 billion.

About Freedom Financial Network
Freedom Financial Network is a leading digital personal finance company. We do what traditional banks don't: Put people first. Our solutions help everyday people get on, and stay on, the path to a brighter financial future, with innovative technology and personalized support. By leveraging proprietary data and analytics, our solutions are tailored for each step of a consumer's financial journey and include personal loans (FreedomPlus), home equity loans (Lendage), help with debt (Freedom Debt Relief), and even financial tools and education ( Freedom Financial Network has more than 2,300 dedicated employees across California, Arizona and Texas and is recognized as a Best Place to Work.

For information on career opportunities at Freedom Financial Network, visit:

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

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