On Thursday, point-of-sale financing and payment tech provider Flexiti announced it has acquired TD Financing Services’ (TDFS) Canadian private label credit card portfolio, which is valued at approximately $250 million. According to Flexiti, the acquisition includes an equity investment of over $50 million led by Globalive Capital, giving them a controlling position in the company. Flexiti also reported that it secured new $350 million senior and mezzanine credit facilities, including $300 million provided by Credit Suisse AG, Cayman Islands Branch, providing capital to support the portfolio acquisition and its strong growth trajectory. While sharing details about the acquisition, Peter Kalen, Founder and CEO of Flexiti, stated:
“Since our inception, Flexiti has experienced tremendous growth by following one simple mantra – our retailers are our partners, and we put them at the core of everything we do. This acquisition of TDFS’ private label credit card portfolio represents an important milestone for our company, and the consumer lending space in Canada, as it instantly positions us as one of the largest consumer lenders in the country with a cardholder base of over 1 million Canadians. We’re thrilled to welcome our new retail partners to the Flexiti network and look forward to working closely with them to drive sales and customer loyalty through our industry-leading point-of-sale financing platform.”
Flexiti, which was founded in 2013, states it offers POS financing at big-ticket retailers to make their customers’ purchases more affordable. The company noted that through its mobile application process, customers can apply for financing and receive approval within minutes – no paperwork, no scanning or mailing.