Elevate Credit withdraws from the UK

Elevate Credit, a US-based provider of online credit solutions including credit cards, has announced plans to retreat from the UK market.

The  UK unit has been placed under administration, with KPMG serving as the administrator with direct control of the business.

Elevate had previously commented late last year, and again this year, that the lack of regulatory clarity in the UK would challenge the day-to-day operations of the ‘Sunny’ brand.  The onset of COVID-19 further complicated the environment, ultimately leading to the decision to place ECIL in administration.

Elevate President and CEO Jason Harvison said “Regulators in the UK were unable to provide clarity that would allow Sunny to continue and sadly, the consumers’ choice for the most safe and reliable short-term credit option in the UK has ceased operations.”

“I would like to give my sincere thanks to all of our UK employees and the thousands of Sunny customers who trusted us over the years.”