Houlihan Lokey Advises Flexiti Financial

Houlihan Lokey is pleased to announce that Flexiti Financial Inc. (Flexiti) has been acquired by CURO Group Holdings Corp. (NYSE:CURO) (CURO). The transaction closed on March 10, 2021.

The transaction is valued at C$154 million, based on the achievement of certain performance targets. Additionally, Flexiti announced the signing of an agreement to increase its credit facilities led by Credit Suisse AG to C$500 million. Flexiti will continue to operate as a stand-alone business in Canada following the close of the transaction.

Founded in 2013 and headquartered in Toronto, Flexiti has become Canada’s fastest-growing buy-now-pay-later (BNPL) financing provider, offering an instant, omnichannel proprietary platform requiring no point-of-sale (POS) integration with its merchant partners. The company offers consumers flexible payment plans at retailers selling items such as furniture, appliances, jewelry, and electronics across nearly 6,000 locations and e-commerce sites, including The Brick, Leon’s, Staples, Sleep Country, Wayfair, Birks, and Peoples Jewellers.

CURO provides credit to nonprime consumers through a network of stores in the U.S. and Canada and online direct-to-consumer brands. It was founded in 1997 to meet the growing consumer need for short-term loans. CURO combines its market expertise with a fully integrated technology platform, omnichannel approach, and advanced credit decisioning to provide an array of credit products across all mediums.

Houlihan Lokey served as the exclusive financial advisor to Flexiti and assisted in structuring and negotiating the transaction. This deal highlights Houlihan Lokey’s expanding capability as a leading advisor to the POS finance space and marks its second closed POS transaction in the last few months.