Toronto-based Flexiti Financial, which provides point-of-sale financing and payment technology for retailers, has secured a $6.25 million investment from a group of undisclosed investors. Flexiti Financial said the round was oversubscribed.
This round brings Flexiti Financial’s total funding to $11.25 million. In November 2016, Flexiti Financial raised $5 million in follow-on funding from Globalive Capital.
Flexiti Financial’s platform allows retailers to offer low or no-interest financing, convert big ticket purchases to monthly or deferred payment plans, and establish a dedicated line of credit by creating a virtual private label card. The company plans to use the additional capital to accelerate its growth and further develop its POS lending platform.
“Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty.”
“Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty in a highly competitive and shifting market,” said Peter Kalen, founder and CEO of Flexiti Financial. “Flexiti Financial’s POS lending platform has become an important tool in their sales arsenal, and this investment will help us better serve our retail partners while managing our growth across Canada.”
Flexiti Financial’s funding comes on the heels of several milestones the company has hit in recent months. Last month, Flexiti Financial won a competitive bid to be the preferred POS financing partner in Canada for outdoor maintenance and equipment manufacturers, including Husqvarna, Briggs & Stratton, Ariens, Big Dog Mowers, Hustler, ECHO Power Equipment, and ECHO Bear Cat. At the time, the company said it gained access to over 800 dealers that sell lawn and garden tools and outdoor power equipment.
In February, Flexiti Financial also announced that its platform was being used in over 1,000 retail locations, including Spence Diamonds, Starky Hearing Technologies, and Andre’s Electronics. This year, the company also appointed Jerome Peters as its chief operating officer and Colin Franks as its chief risk officer.
