Canada-based point-of-sale financing and payment tech provider Flexiti announced on Thursday it has received an $80 million mezzanine debt facility from Credit Suisse Asset Management. This news comes just a few months after Flexiti acquired TD Financing Services’ (TDFS), a Canadian private label credit card portfolio.
Founded in 2013, Flexiti offers POS financing at big-ticket retailers to make their customers’ purchases more affordable. The fintech reported that through its mobile app 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 now has more than $400 million in lending capacity and with the new debt facility, $40 million will reportedly be used to refinance existing debt at significantly lower interest rates, reducing the company’s cost of capital. Peter Kalen, Founder and CEO of Flexiti, added:
“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.”