Flexshopper, Inc. (OTCQB: FPAY) is a financial and
technology company that provides consumers with a flexible and easy way to get
furniture, electronics, appliances and other popular brand name goods with
affordable weekly payments. The company’s unique personal shopping assistant
platform allows consumers to utilize a patent pending lease-to-own (LTO)
payment method to purchase a full selection of qualifying merchandise from some
of the country’s most respected retail and e-commerce providers.
By leasing items within Flexshopper’s expansive LTO network,
consumers can acquire the products they want without the need for a long-term
commitment. Under the company’s model, the merchandise can be returned at any
time with proper notice without penalty, or shoppers can continue to pay for
one year and take ownership of the leased items.
According to a report by the Association of Progressive
Rental Organizations, the LTO industry served approximately 4.8 million
customers throughout North America in 2012, accounting for annual revenue of
approximately $8.5 billion. This industry performance has provided Flexshopper
with a formidable platform to realize strong financial growth in recent years.
In the first quarter of 2015, the company recorded lease revenues of more than
$3.6 million, marking a year-over-year increase of over $3.5 million.
“We are pleased with our lease originations in the first
quarter,” Brad Bernstein, chief executive officer of Flexshopper, stated in a
news release. “[W]e are excited to increase our lease originations on all of
our channels which include in retail stores, online with our patent pending
lease-to-own payment method and on our ecommerce marketplace.”
In March, Flexshopper secured a debt facility of up to $100
million and a $9.35 million equity raise from Middleman Partners, providing the
company with the capital needed to promote accelerated growth through its LTO
ecommerce marketplace and payment method in the coming months.
“This debt and financing increases our balance sheet
strength and ensures that we are well positioned to execute our strategies of…
positioning ourselves as the only LTO platform that can provide retailers and
e-tailers with multiple digital channels to increase their sales with LTO
consumers,” continued Bernstein.
With the persistent expansion of the LTO industry in recent
years, Flexshopper is in a strong strategic position to continue improving its
financial results in the future. For prospective investors, the company’s newly
acquired capital could provide the means for accelerated growth and sustainable
returns moving forward.
For more information, visit www.flexshopper.com
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