VersaBank adds Simply Group Financial as point-of-sale partner with initial financing of $72 million
Photo: VersaBank president and CEO, David Taylor
LONDON-BASED FINTECH firm VersaBank has announced that it has partnered with Simply Group Financial Corp. for its point-of-sale financing business. (Point-of-sale financing offers consumers the opportunity to buy merchandise through instant installment loans).
Simply Group Financial is a subsidiary of Simply Green Home Services Inc., parent corporation of the Simply Group, one of Canada’s fastest growing home energy solution, home improvement and consumer lending businesses. Simply Group Financial provides consumers and businesses with financing solutions that afford them greater flexibility.
As partners, VersaBank will provide Simply Financial with financing to facilitate ongoing loan origination utilizing VersaBank’s proprietary software solution. In their first transaction, VersaBank has initially provided Simply Group Financial with a financing facility of $72 million.
“We are thrilled to welcome Simply Group Financial as a new point-of-sale financing partner,” says David Taylor, VersaBank president and CEO. “It’s a great time to be joining forces with Simply Group Financial with the home improvement industry experiencing a boom as Canadians spend more of their discretionary income on home renovations and upgrades amidst the pandemic. VersaBank’s point-of-sale financing business has been the primary driver of the significant expansion of our lending portfolio for the last eight years and we see this partnership as a tremendous opportunity for both organizations to execute on their growth strategies.”
Taylor adds, “The addition of a partner of Simply Group Financial’s calibre further underscores the value proposition of the bank’s point-of-sale financing offering, focusing on ‘big ticket’ consumer-purchase lenders and addressing a significant gap in traditional bank lending. The initial financing of $72 million immediately and meaningfully expands our point-of-sale portfolio, and is just one of many opportunities we see together as we look to deploy in excess of $2 billion in pursuit of superior net interest margins while mitigating risk.”
“Simply Group and VersaBank are complementary businesses that will both benefit greatly from this strategic partnership,” adds Lawrence Krimker, founder and CEO of Simply Group. “Combining VersaBank’s expertise and leadership in point-of-sale financing with Simply Group’s rapidly expanding home energy and home improvement consumer lending businesses is a win-win for both organizations and for consumers.”