On March 15, 2016, Flexiti Financial (“Flexiti”) announced that it had entered into an agreement with Liquid Capital Corporation, under which Liquid Capital will provide the senior debt for a new credit facility, initially in an amount of up to $25 million, for consumer receivables generated by Flexiti. The facility will be used to finance the warehousing of receivables originated by Flexiti pending their securitization.
Flexiti (formerly Wellspring Financial) is a Canadian fintech company in the POS consumer lending space, leveraging mobile technology to deliver the fastest application process available in the market. It is the only fintech in the consumer lending space competing directly against large financial institutions by offering a retail private label credit card solution.
Liquid Capital is a company specializing in providing working capital, asset based lending and trade finance solutions.
Miller Thomson advised Flexiti in the negotiation of the financing and related matters with a team that included Alfred Apps, Alexander Lalka, Matthew Husson and Roisin Hutchinson.