Toronto-based point-of-sale consumer financing company Flexiti Financial has secured an $80 million mezzanine debt facility from Credit Suisse Asset Management.
The loan, which follows a $300 million senior lending facility provided by Credit Suisse earlier this year, will fund future originations and support the company’s merchant partners.
Flexiti, founded in 2013 by CEO Peter Kalen, raised $50 million from Globalive Capital in June. The investment, which gave Globalive a controlling stake, backed Flexiti’s buy of a $250 million private-label credit card portfolio from TD Financing Services.
Flexiti Closes $80 Million Mezzanine Debt Facility
TORONTO, Sept. 6, 2018 /CNW/ – Flexiti, a leading private label credit card (PLCC) issuer, today announced it has received an $80 million mezzanine debt facility from Credit Suisse Asset Management. The loan will provide Flexiti with capital to finance future originations and help its merchant partners continue to grow their businesses through flexible financing options.
Founded in 2013, Flexiti is a Toronto-based fintech private label credit card issuer, offering POS financing at big-ticket retailers to make their customers’ purchases more affordable. Through its award-winning mobile application process, customers can apply for financing and receive approval within minutes – no paperwork, no scanning or mailing. With minimal integration required into existing POS systems, retailers can quickly scale across multiple locations and sales channels to offer financing to all of their customers, in-store and online.
Flexiti has experienced significant growth over the past year. After securing a $300 million senior lending facility from Credit Suisse earlier this year, this gives Flexiti over $400 million in lending capacity. With this new debt facility, $40 million will be used to refinance existing debt at significantly lower interest rates, reducing Flexiti’s cost of capital.
“We are committed to delivering an industry-leading financing solution and support services that helps retailers grow their sales and succeed in a highly competitive retail environment,” said Peter Kalen, Founder and CEO of Flexiti. “The debt facility provided by Credit Suisse Asset Management allows us to enhance our offering to a rapidly expanding client base and places Flexiti in a stronger financial position to accelerate our growth as the leading private label credit card issuer in Canada.”
Flexiti has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online, and is one of Canada’s leading private label credit card issuers. Through our award-winning platform, we deliver a POS financing experience across any device that is customer-centric, simple and intuitive. Without the need to integrate into existing POS systems, retail partners can easily offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases. Flexiti’s joint venture with Globalive Technology demonstrates its commitment to innovation in the payments space through the development of solutions leveraging artificial intelligence and blockchain technology. With high approval rates, innovative products and services, flexible promotional offers and a partnership-first approach, Flexiti is helping people improve their lives through better financing. For more information, visit www.flexiti.com.
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