Point-of-Sale (PoS) technologies provider Flexiti Financial has acquired TD Financing Services’ (TDFS) private label credit card portfolio in Canada for a total consideration of around $250m.
The transaction involves an equity investment of more than $50m led by Globalive Capital, providing the firm with a controlling stake in Flexiti.
The deal expands Flexiti’s client base with the addition of more than one million credit card customers, and 900 merchant locations that currently provide TDFS credit card financing.
Flexiti founder and CEO Peter Kalen said: “This acquisition of TDFS’ private label credit card portfolio represents an important milestone for our company, and the consumer lending space in Canada, as it instantly positions us as one of the largest consumer lenders in the country with a cardholder base of over one million Canadians.
“We’re thrilled to welcome our new retail partners to the Flexiti network and look forward to working closely with them to drive sales and customer loyalty through our industry-leading point-of-sale financing platform.”
Established in 2013, Flexiti issues private label credit cards and provides POS financing at big-ticket retailers through its mobile application process.
The application can be easily integrated into current POS systems and retailers will be able to quickly scale various locations and sales channels to deliver financing to their in-store as well as online customers.
