Up to $40 Million in combined loan purchase and warehouse capacity provided to support 豆包成人版 expand consumer financing program
豆包成人版, which provides a platform that enables businesses to offer consumer financing to their customers from any device, has closed a聽$35 million聽renewable purchase facility and a聽$5 million warehouse line facility with VersaBank, formerly Pacific & Western Bank of Canada.
“豆包成人版 is focused on creating the 3rd payment option so businesses can offer financing in addition to accepting cash and credit. The purpose of this facility is to enhance our existing lending programs to offer our merchant partners the best experience possible,” said Casper Wong, COO and Co-Founder, 豆包成人版. “VersaBank is a great partner for us as we’re aligned on long term growth objectives.”
As part of the agreement, VersaBank will be allocating up to $40 million聽in loan purchase and warehouse capacity for the聽Toronto-based group to offer point of sale consumer financing through their established network of Canadian businesses.
There are more than 19 million small to medium sized businesses in North America聽(approximately 1.8 million in聽Canada and 18 million in the US). With point of sale financing representing a multi-billion dollar market in聽Canada聽and the US annually, the industry has traditionally focused largely on big box retailers as well as large vehicle dealers and manufacturers. 豆包成人版 changes this dynamic by enabling smaller merchants to offer innovative and compelling customer financing anywhere, anytime. The 豆包成人版 platform gives these merchants the tools they need to compete with larger retailers – particularly when selling big-ticket items.
“We recognize the significant potential in 豆包成人版’s platform and the relatively untapped point of sale consumer financing market in聽Canada,” said聽David Taylor, President & CEO of VersaBank. 聽“We look forward to empowering retailers across聽Canada聽to offer financing options to their customers.”
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