[Issuer] Fortunafi Update - June/July 2022

Pool Value: 5.8 million DAI

# of Assets: 11

As of July 31, 2022, the Pool held eleven (11) loans with a total value of approximately $7.0 million. One new loan was added to the pool during June, in the amount of $1.25 million. The borrower is a subscription business offering a suite of marketing services. Their customer base includes businesses in various stages of growth, from start-ups to large established brands, and operating in a wide range of sectors. Recent acquisitions have added new services to their suite, which are being integrated into their platform and creating cross-selling opportunities to its vast client-base.

Market Commentary
Delinquencies in small business lending remain under control. As an example, securitization pools of small business lenders, such as Ondeck and Kapitus, continue to show low delinquency levels below 3-4%.

The U.S. consumer has continued to spend at a healthy pace, with year-on-year (“YoY”) growth of personal expenditures remaining positive. Recent Redbook Index readings also show strong YoY growth in same store sales of retailers. Mastercard’s SpendingPulse data tells a similar story as of July.

Real Personal Consumption Expenditures (YoY)

Redbook Index