Flexiti, a Toronto, Canada-based private label credit card (PLCC) issuer, received an $80m mezzanine debt facility.
Credit Suisse Asset Management provided the financing.
The loan will provide Flexiti with capital to finance future originations and help its merchant partners continue to grow their businesses through flexible financing options. $40m will be used to refinance existing debt at lower interest rates.
Founded in 2013 by Peter Kalen, CEO, Flexiti is a 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 scale across multiple locations and sales channels to offer financing to all of their customers, in-store and online.