Flexiti Financial has purchased TD Financing Services’ Canadian private label credit card portfolio for $250m.
Globalive Capital led the financing for the acquisition and acquires control of Flexiti Financial through the deal. The transaction is financed by $350m in credit facilities led by Credit Suisse AG, Cayman Islands Branch, and a syndicate of mezzanine lenders.
“Businesses are looking for alternative financing options tailored to their customers’ lifestyles or needs, and Flexiti is uniquely positioned to capitalise on this growing market trend,” said Anthony Lacavera, founder and chairman of Globalive Capital.
“This investment aligns with Globalive Capital’s core principle of finding companies and entrepreneurs that are breaking down barriers and challenging the status quo by providing them with the resources they need to accelerate growth.”
Globalive Technology has also entered into a joint venture with Flexiti to build blockchain and artificial intelligence technology to be integrated with Flexiti’s operations.
The transaction adds a million new credit card customers and 900 new merchant locations currently offering TD’s financing services to Flexiti’s client base.
Flexiti is a provider of point-of-sale (POS) financing and payment technology and claims to one of Canada’s leading private label credit card issuers.
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.
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