Flexiti, a POS consumer financing solution, has received an $80m mezzanine debt facility from Credit Suisse Asset Management.
This is the second senior lending facility from Flexiti this year, having previously received $300m from the firm earlier in the year. With this new tranche of credit, it brings Flexiti’s total lending capacity to $400m.
Through this credit line, the company will finance future originations and help its merchant partners grow their businesses with flexible financing option. Alongside this, $40m will be used to refinance existing debt at ‘significantly lower interest rates.’
Founded in 2013, Flexiti is a Canada-based provider of point-of-sale (POS) financing solutions and a credit card issuer.
Through its platform it delivers 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 offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases.
Flexiti founder and CEO Peter Kalen said, “We are committed to delivering an industry-leading financing solution and support services that helps retailers grow their sales and succeed in a highly competitive retail environment.
“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.”
Earlier in the year, the company bought TD Financing Services’ Canadian private label credit card portfolio for $250m.
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