Loan provider Cash 4 You Corp has netted CAD$40m ($32m) from Comvest Credit Partners in a senior term loan.
Founded in 2001, Cash 4 You is a Canadian consumer finance retailer, which helps the under banked access financing. The company operates an online platform, to help easier access to their pay-day services, where loans of up to $1500 can be taken out.
The platform enables consumers to access loans online, cash cheques, pay bills and balances, exchange dollars and complete a money order.
Proceeds from the round were used by the company to refinance existing debt and provide growth capital.
Cash 4 You co-founder and CEO Amir Mahmoudzadeh said, “High-quality and consistent service has been at the forefront of our business strategy. While we have successfully executed on this strategy through hard work and determination, there are many more of our customers’ financial needs to address.”
Last year, Comvest Partners led the $40m credit facility in to cross-border payment solution Transfast. The company, which is owned by GCP Capital Partners, raised the financing to support its expansion and to serve as working capital.
Last year, Canada’s FinTech sector saw a decline in funding, following a YoY rise since 2014. The FinTech space saw $162m less invested in to companies, than the levels reached in 2016. This decline in funding decline, is matched by a fall in volume of deals, with 2017 seeing 18 less.
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