Flexiti Acquires TD Financing Services’ $250 Million Canadian Private Label Credit Card Portfolio, Becomes One of Canada’s Leading Private Label Credit Card Issuers
- Posted by Flexiti Financial
- On June 7, 2018
- Flexiti adds more than 1 million new customers, approximately $250 million in consumer receivables and 900 new locations, for a total of over 3,500 locations
- Flexiti becomes a leading private label credit card issuer in Canada
- Globalive Capital syndicate leads equity raise of over $50 million, giving them a controlling position in Flexiti
- Flexiti secures new credit facilities of $350 million, including $300 million provided by Credit Suisse AG, Cayman Islands Branch, acting as senior lender
Toronto, ON, June 7, 2018 – Flexiti, a leading provider of Point-Of-Sale (POS) financing and payment technology, today announced the acquisition of TD Financing Services’ (TDFS) Canadian private label credit card portfolio valued at approximately $250 million. This is a significant transaction in the consumer lending space, making Flexiti a leading private label credit card issuer in the country. The acquisition includes an equity investment of over $50 million led by Globalive Capital, giving them a controlling position in Flexiti. A founding investor, Globalive Capital’s follow-on investment demonstrates its commitment to accelerating Flexiti’s growth and innovation in the alternative lending space. Flexiti has also 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.
The acquisition adds more than one million new credit card customers, and 900 new merchant locations currently offering TDFS credit card financing at their locations, to Flexiti’s client base.
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.
“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,” said Peter Kalen, Founder and CEO of Flexiti. “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 has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online, becoming 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 in to 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. 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.
About Globalive Capital
Globalive Capital is the investment company of Anthony Lacavera and his team including Brice Scheschuk, Simon Lockie and David Roff. The partners have over 100 years of operating and investing experience and have founded or co-founded and operated 14 companies including WIND Mobile, which was sold to Shaw Communications for $1.6 billion. Globalive Capital invests principal capital in multiple asset classes including private equity, real estate and venture. The company has made over 100 investments and is well-known as a strategic, entrepreneur-friendly investor. The company’s latest initiative, Globalive Technology, is focused on building blockchain and machine intelligence technologies in partnership with businesses in numerous target verticals. For more information, visit www.globalive.com and www.globalivetech.com.