Flexiti Financial, a “buy now, pay later” financial solutions provider in Canada, signed a new C$527 million ($413 million) securitization facility led by National Bank of Canada, with financing also provided by an affiliate of Bank of Montreal and funds managed by Waterfall Asset Management. Combined with its pre-existing C$500 million ($391 million) revolving warehouse credit facility, Flexiti now has access to more than C$1 billion ($783 million) in capital.
“This is a critical milestone for Flexiti given the incredible growth we have been experiencing, with over C$125 million [$97.96 million] in new loans originated in November alone. That’s four times our volume from just seven months ago,” Peter Kalen, founder and CEO of Flexiti, said. “This term securitization structure also broadens our banking relationships, lowers our cost of funds and strongly positions the company to enter the public term ABS markets in the near future to provide efficient financing to support Flexiti’s rapid growth.”
