Flexiti Financial, a provider of point-of-sale (POS) financing and payment technology for retailers, has announced the closing of oversubscribed convertible debentures offering, raising gross proceeds of $6.25 million.
Miller Thomson LLP acts as legal counsel to Flexiti Financial.
Flexiti Financial will use new funds to accelerate its rapid growth and further develop the company’s award-winning POS lending platform technology, which is currently adopted in over 1,500 merchant locations and used by over 10,000 customers across Canada.
“Retailers across Canada are looking for unique solutions to increase sales and maintain customer loyalty in a highly competitive and shifting market,” says Peter Kalen, Founder and CEO, 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 POS financing platform provides instant financing on any device, anywhere, and instant credit approval in three minutes. Flexiti Financial’s unique technology, advanced algorithm and customer service allow retailers to offer customized payment plans at interest rates significantly below current credit options on the market, and confidently approve more people than a typical financial institution.
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