Up to $75 million in combined loan purchase and warehouse capacity provided to help ¶¹°ü³ÉÈ˰æ expand its consumer financing program
¶¹°ü³ÉÈ˰æ, a free platform that enables businesses to offer flexible financing options to their customers, has completed a successful renewal of their lending program with VersaBank, formerly Pacific & Western Bank of Canada (PWB), comprised of a $70 million renewable purchase facility and a $5 million warehouse line facility.
“We are very happy with the performance of this program and plan to double our volume with VersaBank this year,” said Casper Wong, COO and Co-Founder, ¶¹°ü³ÉÈ˰æ. “Their unique branch-less model fits our business very well. We look forward to continuing this partnership for years to come.”
As part of the agreement, VersaBank will be allocating up to $75 million in loan purchase and warehouse capacity for the Toronto-based group to offer point of sale consumer financing through their established network of Canadian businesses.
“We are pleased to renew this $75 million facility for ¶¹°ü³ÉÈ˰æ.” said David Taylor, President and CEO, VersaBank. “We look forward to the continued growth of our partnership with ¶¹°ü³ÉÈ˰æ and are delighted to be assisting small to medium-sized Canadian businesses prosper by empowering Canadian retailers with the ability to offer financing options to their customers.”
With point of sale financing representing a multi-billion dollar market in Canada and the US annually, the industry has traditionally focused largely on big box retailers as well as large vehicle dealers and manufacturers. ¶¹°ü³ÉÈ˰æ changes this dynamic by enabling smaller merchants to offer innovative and compelling customer financing anywhere, anytime. The ¶¹°ü³ÉÈ˰æ model is based on fairness, transparency, and ease-of-use, with no hidden fees or backdated interest charges, and interest rates that are lower than most credit cards. By expanding their facilities with VersaBank, ¶¹°ü³ÉÈ˰æ is able to give merchants even more of the tools they need to compete with larger retailers, particularly in big-ticket sales.
To learn more about ¶¹°ü³ÉÈ˰æ, visit