GigPool Update – New Asset Originator Onboarding and Partnership Announcement
The END Capital team is excited to announce the we have added Giggle as the latest addition to the GIGPool on Tinlake, as a direct result of our partnership with Percent, a leading private credit technology platform and marketplace. This partnership will start with END Capital acting as co-underwriter for Giggle, a fintech lender focused on providing loans to gig workers and 1099 workers.
Through this partnership, END Capital will utilize Percent’s technology platform to quickly and efficiently onboard high-quality asset originators. This will allow us to more efficiently onboard new asset originators from both a data and legal perspective, in addition to connecting with the Percent accredited investor community. END Capital believes that this will be a key factor in bringing in larger, higher-quality onto the .
The first asset originator that END Capital will bring to the Tinlake platform will be Giggle Finance. Although Giggle had signed with Percent prior to our co-underwriting partnership, END Capital has had discussions with Giggle in the past, and is extremely familiar with their platform and the asset performance.
The deal structure was initially at an 80% advance rate with a 5% excess minimum OC requirement, and with the refinancing, the deal structure will be updated to an 82.5% advance rate and a 2.5% excess minimum OC requirement.
There will be a lockout period of 3 months, then an amortization over 6 months, unless the deal gets extended. Note that Asset 32 represents this position. We will pass through periodic interest payments towards the on-chain debt obligations of the GigPool, starting with Asset 32. Should the deal go into amortization (rather than extend its lock-out period), then we will pass through principal payments towards the on-chain debt obligations of the GigPool, starting with Asset 32. This should result in about $2k of additional liquidity coming into the pool on a monthly basis.
Giggle is a fintech lending platform focused exclusively on the gig / 1099 worker economy, launching in 2020 to provide instant business financing. Since launching, as of Q1 2022, Giggle has funded over $2.3mm of assets, historically generating about 20% in net returns over payback periods of about 3 to 4 months.
Giggle was founded by Mike Zevallos and Jared Kogan. Starting at OnDeck in its infancy, Mike and Jared led the partnerships team at OnDeck, where they built unique origination channels while optimizing unit economics, risk management, loan operations, and portfolio performance. Mike and Jared had additional experience in sub-prime business finance before launching Giggle.
About Percent and Percent Underwriter
Percent is the platform powering the future of private markets. Through their marketplace, Percent connects borrowers, underwriters, and investors to efficiently raise debt capital, source high-quality deal flow, and discover investment opportunities. Percent’s technology modernizes the private credit markets by removing process inefficiencies, delivering data and analysis, and providing transparency for every participant.
Percent’s Underwriter Platform – Percent Underwriter – simplifies the end-to-end process for underwriters, from accessing quality borrowers to sophisticated structuring and syndication technology, to expert issuer servicing.