Flexiti today announced it has received an $80 million mezzanine debt facility from Credit Suisse Asset Management.
The loan will provide the private label credit card (PLCC) issuer with capital to finance future originations and help its merchant partners continue to grow their businesses through flexible financing options.
Founded in 2013, Flexiti is a Toronto-based fintech private label credit card issuer, offering POS financing at big-ticket retailers to make their customers’ purchases more affordable.
Through its mobile application process, customers can apply for financing and receive approval within minutes – no paperwork, no scanning or mailing.
With minimal integration required into existing POS systems, retailers can quickly scale across multiple locations and sales channels to offer financing to all of their customers, in-store and online.
Flexiti has experienced significant growth over the past year. After securing a $300 million senior lending facility from Credit Suisse earlier this year, this gives Flexiti over $400 million in lending capacity.
With this new debt facility, $40 million will be used to refinance existing debt at significantly lower interest rates, reducing Flexiti’s cost of capital.