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CNG Holdings

“Can a legacy payday/alternative-lending operator modernize its underbanked consumer credit business through sponsored bank partnerships and online installment loan products?”

Founded1994
HQCincinnati, Ohio, USA
Total raised$200M+ (debt)
Latest roundSenior Secured Credit Facility, April 2017
IndustryFintech / Lending
The story

CNG Holdings began in 1994 as a payday/short-term lending retailer under the Check 'n Go brand. Over two decades it expanded through store rollout and online channels, acquiring Allied Cash Advance and operating Cash Store locations. The embedded finance angle is the Xact brand: an online installment loan issued by Capital Community Bank (a Utah-chartered sponsor bank), allowing CNG to offer bank-issued credit nationally while managing origination and servicing — a classic rent-a-bank or sponsored-lending model. CNG remains a privately held, consumer-facing alternative financial services company targeting the underbanked segment.

Last 12 months
—
Product timeline
1994
Founded with the opening of the first Check 'n Go loan store in Covington, Kentucky.· lending
2003
Check 'n Go launched its online business at checkngo.com, broadening reach beyond physical stores.· lending
2006
CNG Holdings, Inc. incorporated as a wholly owned subsidiary of CNG Financial Corporation.· pivot
2017
Raised $200 million Senior Secured Credit Facility from Fortress Credit Corp. to refinance existing facility and fund portfolio growth.· lending
2022
Launched Xact, an online-only installment loan product offered via Capital Community Bank (Utah Chartered Bank).· lending
The stack
3 layers disclosed in CNG Holdings’s embedded-finance stack
Banking / BaaS
Capital Community Bank (sponsor bank)
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: none
5 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.