Everyday People Acquiring General Credit Services To Bolster Its Customer Offering

Edmonton’s Everyday People Financial (TSX-V: EPF) is acquiring accounts receivable management services company General Credit Services for approximately $5.8 million in cash and shares.

Everyday People is a financial technology and consumer financing company founded on the belief that all consumers deserve access to credit, instant payments and the opportunity for home ownership.

Everyday People’s alternative and speciality credit financing programs offer credit and payment cards, prepaid card programs, homeownership facilitation, consumer lending, and payment management services.

Vancouver-based General Credit serves enterprise clients requiring accounts receivable management, collections and bill presentment, and payment management solutions. Such clients include banks and other financial institutions, telecom and utility companies, property management and construction firms, governments, healthcare providers, transportation, logistics businesses and more.

“General Credit’s expertise and high standards of performance will bring a best-in-class service to Everyday People serving the revenue cycle management needs of enterprise clients,” said Barret Reykdal, CEO of Everyday People.

“In addition, consumers served by General Credit represent many of the everyday people that we help with our credit rebuilding and education programs combined with our specialty consumer products and services.”

Everyday People began trading on the TSX Venture Exchange in September 2022. It was created through a Qualifying Transaction made by Justify Capital Corp., a capital pool company.

“General Credit represents both sides of the credit equation by serving our clients with receivable management solutions and interacting with people who are often facing financial challenges,” said Peter Sorrentino, General Credit’s President and CEO.

“Combining our people-centric approach with Everyday People’s dedication to serving those that need better access to credit solutions is a logical fit. Everyday People’s philosophy and financial literacy programs will allow General Credit to offer our clients and their customers a more complete experience, expand our digital eco-system and create even more opportunities for the communities we serve.”

The transaction is expected to close later this month once the companies obtain final regulatory and exchange approval.