Flexiti Financial has announced an oversubscribed $5 million convertible debentures offering. The oversubscription amounts totaled $1.25 million of aggregate principal, accounting for a total investment of $6.25 million for Flexiti.
The Toronto-based provider of point-of-sale (POS) financing and payment technology will use the funds to accelerate its rapid growth. Flexiti will also further develop the company’s award-winning POS platform technology, which is used by over 1500 merchants and 10,000 customers across Canada.
The company’s POS financing platform provides instant financing on any kind of device, anywhere you want, along with instant credit approval in three minutes. Flexiti’s technology and customer service allows retailers to offer personalized payment plans at rates significantly below current credit market options while confidently approving more people than a typical financial institution will.
“Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty,” says Peter Kalen, Founder and CEO, Flexiti Financial. “This investment will help us better serve our retail partners while managing our growth across Canada.”
Earlier this year Flexiti announced a partnership with over 800 dealers of outdoor equipment to become their preferred POS financing partner.
Flexiti was founded in 2013 with the goal to revolutionize customer lending. The company won the 2016 Lendit Award for Emerging Customer Lending Platform