Oaktree Capital Backs Conservative Fintech Coign With $250M Bet on ‘Parallel Economy’
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Oaktree Capital has committed $250 million to Coign, a credit card company built for conservative consumers. The deal marks one of the largest institutional investments into what’s now being called the “parallel economy”—a growing ecosystem of businesses catering to values-based buyers outside the mainstream.
Coign, which donates a portion of every transaction to conservative causes, has quickly carved out a niche in the U.S. financial market. With this new capital, the company plans to expand its reach by scaling its super-prime portfolio and launching offerings for non-prime users.
The partnership is more than just financial—it’s a signal. For years, startups targeting conservative consumers have operated with little support from major financial institutions. Oaktree’s involvement changes that.
“Coign is tapping into a market that’s both loyal and underserved,” said Chris Gray, Managing Director at Oaktree. “We see strong fundamentals and long-term growth potential.”
Coign was founded by Rob Collins, a political strategist who saw an opportunity to create financial products aligned with conservative values. The company uses Visa’s infrastructure but directs its funding to causes chosen by cardholders, ranging from veteran support programs to community organizations.
According to internal data, Coign has users in all 50 states and a waitlist of over 110,000. Perhaps most impressive: its churn rate is just 2.5%, compared to an industry average of around 10%.
“The loyalty we’re seeing isn’t just about rewards—it’s about identity,” said Collins. “People want products that reflect who they are.”
As more Americans make consumer choices based on personal beliefs, the line between politics and commerce continues to blur. For investors like Oaktree, that shift presents a new kind of opportunity, driven by performance and alignment.
“This isn’t a political statement,” Collins added. “It’s a business strategy. And the numbers back it up.