Flexiti Financial, a Toronto, Canada-based provider of point-of-sale (POS) financing and payment technology for retailers, closed an oversubscribed $5M convertible debentures offering.
Oversubscription amounts totaled an additional $1.25M of aggregate principal, for a total investment of $6.25M.
These funds will allow Flexiti Financial to accelerate its growth and further develop its POS lending platform technology.
Led by Peter Kalen, Founder and CEO, Flexiti Financial provides a POS financing platform which enables instant financing on any device, anywhere, and instant credit approval in a few minutes. Its technology, algorithm and customer service allow retailers to offer customized payment plans at interest rates below current credit options on the market.
The solution is currently adopted in over 1,500 merchant locations and used by over 10,000 customers across Canada.