Flexiti Financial closes $250M acquisition of TD’s Canadian Private Label Credit Card Portfolio

Globalive Capital announced that it led a $50 million new equity financing in Flexiti Financial, part of a $250 million acquisition of TD Financing Services’ Canadian Private Label Credit Card Portfolio by Flexiti Financial. Globalive Capital will gain a controlling position in Flexiti.

The acquisition was funded by $350 million in credit facilities led by Credit Suisse AG, Cayman Islands Branch, and a syndicate of mezzanine lenders.

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photo credit: Flexiti Financial

News Release

Globalive Capital leads financing for a $250 million acquisition of TD Financing Services’ Canadian Private Label Credit Card Portfolio and acquires control of Flexiti Financial, a leading fintech company

TORONTO, June 7, 2018 /CNW/ – Flexiti Financial, a leading fintech provider of point-of-sale (POS) financing and payment technology today announced an approximate $250 million acquisition of TD Financing Services’ Canadian private label credit card portfolio.

This transformative transaction adds a million new credit card customers and 900 new merchant locations currently offering TD’s financing services to Flexiti’s client base.

Globalive Capital is a founding investor in Flexiti and its follow-on investment demonstrates a commitment to accelerating the fintech company’s growth and innovation in the alternative lending space. The transaction is financed by $350 million in credit facilities led by Credit Suisse AG, Cayman Islands Branch, and a syndicate of mezzanine lenders.

“Businesses are looking for alternative financing options tailored to their customers’ lifestyles or needs, and Flexiti is uniquely positioned to capitalize on this growing market trend,” said Anthony Lacavera, Founder and Chairman of Globalive Capital. “This investment aligns with Globalive Capital’s core principle of finding companies and entrepreneurs that are breaking down barriers and challenging the status quo by providing them with the resources they need to accelerate growth.”

“Globalive Capital’s longstanding involvement and significant investment in Flexiti demonstrates a clear belief that we have the vision and fundamentals in place to continue to grow as a leader in the consumer lending space in Canada,” said Peter Kalen, Founder and CEO of Flexiti. “This acquisition of TD Financing Services’ private label credit card portfolio represents an important milestone for our company and the consumer lending space in Canada. It instantly positions us as one of the largest consumer lenders with a cardholder base of over one million Canadians.”

Anthony Lacavera’s latest venture, Globalive Technology, has entered into a joint venture with Flexiti to build blockchain and artificial intelligence technology to be integrated with Flexiti’s operations.

About Globalive Capital
Globalive Capital is the investment company of Anthony Lacavera and his team including Brice Scheschuk, Simon Lockie and David Roff. The partners have over 100 years of operating and investing experience and have founded or co-founded and operated 14 companies including WIND Mobile which was sold to Shaw Communications for $1.6 billion. Globalive Capital invests principal capital in multiple asset classes including private equity, real estate and venture. The company has made over 100 investments and is well-known as a strategic, entrepreneur-friendly investor. The company’s latest initiative, Globalive Technology, is focused on building blockchain and machine intelligence technologies in partnership with businesses in numerous target verticals. For more information, visit www.globalive.com and www.globalivetech.com.

About Flexiti
Flexiti has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online, becoming one of Canada’s leading private label credit card issuers. Through an award-winning platform, we deliver a POS financing experience across any device that is customer-centric, simple and intuitive. Without the need to integrate in to existing POS systems, retail partners can easily offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases. With high approval rates, innovative products and services, flexible promotional offers and a partnership-first approach, Flexiti is helping people improve their lives through better financing. For more information, visit www.flexiti.com.

SOURCE Globalive Capital

For further information: For press and media inquiries please contact Tanya Sardana, Communications Officer, Globalive Technology. media@globalivetech.com

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.