History
The business was established as a debt funding business by Zach Lewy in 2005. It was the subject of an initial public offering in October 2013.
In April 2014, the company was at the centre of a serious controversy after its subsidiary, Erudio Student Loans, did not send out letters to students inviting them to defer their loans, and then issued letters demanding repayment. The issue related to former students who took out student loans in the 1990s and were entitled to defer their loans, as they fell short of the earnings threshold for repayment. Most significantly, the company then passed details of the former students who had apparently defaulted to credit reference agencies.
From around 2015, the company launched a strategy to make itself vertically-integrated across Europe: it bought Whitestar Asset Solutions and Gesphone - Serviços De Tratamento E Aquisição De Dívidas SA, both Portuguese debt purchasers, in April 2015. It then acquired Capquest, another UK debt purchaser, in September 2014, InVesting BV, a Dutch debt purchaser, in May 2016, and Mars Capital's Irish mortgage servicing business in August 2017. After that it bought Maslow Capital, a provider of UK real estate development finance, in January 2022.
In October 2021, the company was acquired by TDR Capital.
