Covered Holdings, a buy-now, pay-here financing platform for people typically declined traditional credit, has closed follow-on investments from affiliates of Fortress Investment Group LLC and Westlake Financial. The new $8 million combined investment is on top of $200 million in existing lending facilities from the two firms.

“The demand for better financing options, especially in healthcare, has never been stronger and we’re currently installing our solution in hundreds of new locations each month,” said Ken Rees, founder, and CEO of Covered Holdings.  “This new investment will support the rapid scaling of our business as we diversify our platform and expand into new verticals.”

Founded in 2020, Covered Holdings offers financing solutions that leverage the company’s proprietary credit originations and servicing platform with a unique focus on the needs of non-prime Americans.  

“Covered shares our mission to provide better financing solutions to Americans in need,” said Ian Anderson, Group President, Westlake Technology Holdings. “We have been impressed with the performance to date and the long-term growth potential for non-traditional borrowers within the healthcare space and other market opportunities.”

Representatives from Fortress Investment Group and Westlake Financial will also be joining the Board of Directors of Covered Holdings.