Canada based point-of-sale (“POS”) and buy-now-pay-later (“BNPL”) fintech Flexiti Financial got acquired by Curo Group Holdings Corp. (NYSE: CURO) for a cobied cash and contingent payment of $122 million. Curo Group is a lender to non-prime consumers. The acquisition enables Curo access to Canada’s credit card and POS financing markets.
Apart from a cash consideration of $86 million, the acquisition included a contingent consideration of upto $36 million payable on the fulfillment of revenue and origination targets over the next two years.
In connection with the acquisition, Flexiti and a related entity refinanced and expanded its nonrecourse asset-backed warehouse financing facility from $300m to $395m funded by Credit Suisse and SPF Securitized Products Master Fund.
