Flexiti grabs $5m for POS financing platform

Canadian sales financing company Flexiti Financial has secured $5m in a Series A round led by Globalive Capital.

The Toronto-based company offers financing solutions to the retail, health and home improvement sectors via a point-of-sale (POS) platform.

The company uses a mobile application process and patented ID scanning technology to handle client requests.

It will use the current funding to upgrade the platform and simplify the application process to make it quicker.

Speed is essential for a successful service as many clients would give up if their application takes too long, according to Flexiti founder Peter Kalen.

The Series A round follows a $25m debt financing the company raised in March this year.

Launched in 2013, Flexiti currently services 1,000 retailers across Canada and after a few years of testing its business model is seeking to accelerate its growth in the future.

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