Flexiti Financial, a point-of-sale consumer financing solution for retailers, upsized its revolving warehouse credit facility from C$500 million ($367.1 million) to C$535 million ($392.9 million) and extended its maturity. Credit Suisse served as administrative agent on the facility, with financing also provided by an affiliate of Bank of Montreal and funds managed by Atalaya Capital Management. Combined with its pre-existing C$527 million ($387 million) securitization facility, Flexiti has access to over C$1 billion ($734 million) in capital to fund its rapidly growing consumer receivables portfolio and help meet the increasing demand for loans from Canadian consumers.
“In June of this year, Flexiti reached $2 billion in lifetime loan originations,” Peter Kalen, founder and CEO of Flexiti, said. “We have seen continuous, significant growth in our originations. This renewed warehouse facility also broadens our banking relationships, lowers our cost of funds and continues to demonstrate the investment community’s confidence in our business model and growth opportunities.”