Flexiti Financial Inc. (“Flexiti”), a leading provider of point-of-sale consumer financing solutions for retailers, announced today that LFL Group (“LFL”) (TSX: LNF), Canada's largest home furnishings retailer, has chosen Flexiti’s omni-channel customer financing platform for all of LFL’s retail banners.
Since 2018, the FlexitiCard® has been accepted at The Brick stores while LFL customers and all Flexiti cardholders have been able to apply and buy online at thebrick.com and leons.ca since 2019. Through this 10-year agreement, which commences in July 2021, Flexiti broadens its relationship with LFL, becoming the exclusive provider of point-of-sale financing for LFL’s customers, in-store and online at all LFL retail banners, including Leon’s, leons.ca, The Brick, thebrick.com, Appliance Canada, The Brick Mattress Store, Midnorthern Appliance, and Furniture.ca. All LFL banners will begin issuing FlexitiCards at more than 300 stores across Canada over the coming months.
Through Flexiti’s omni-channel solution, customers can apply for a FlexitiCard in-store or online, the paperless application takes minutes to complete, and upon approval, the FlexitiCard® can immediately be used to make purchases. This fully automated and 100% paperless process offers qualified customers a revolving credit line and flexible payment plans with 0% interest financing1 options, eliminating the need to reapply for financing for future purchases. This relationship represents over $800 million in annual LFL customer sales which will be financed by Flexiti.
“We at Leon’s Furniture Limited have always embraced innovation and continue to strive for better ways to serve our customers,” says Leon, CEO at LFL Group. “This partnership with Flexiti is a continuation of that commitment. With our large network of retail stores across Canada as well as our tremendously successful ecommerce sites, we are very pleased to bring a best-in-class, omnichannel financing experience to our customers to make shopping easier and more affordable. We are looking forward to deepening our partnership with Peter Kalen and the team at Flexiti.”
“We are thrilled to announce our expanded partnership between Flexiti and the LFL Group,” says Peter Kalen, Founder and CEO of Flexiti. “For years, we have seen our FlexitiCard customers making purchases at The Brick and Leon’s. Now, customers at stores including The Brick, Leon’s, Appliance Canada and their ecommerce sites can apply and get access to the same 0% financing options. It’s an incredible honour to partner with the Leon’s family and management team, who have been pioneers in bringing 0% interest financing to their customers to provide exceptional value and affordability.”
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1 O.A.C. Terms and conditions apply.
About Leon’s Furniture Limited
LFL is the largest retailer of furniture, mattresses, appliances and electronics in Canada with over $2.7 billion in total system wide sales in 2020. LFL’s retail banners include: Leon's; The Brick; The Brick Mattress Store; and The Brick Outlet. Finally, with the Midnorthern Appliance banner alongside the Appliance Canada banner, LFL is also the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. LFL has 303 retail stores from coast-to-coast in Canada under various banners. As well, the Company operates three e-commerce sites: leons.ca, thebrick.com and furniture.ca.
Founded in 2013 by Peter Kalen, Flexiti is one of Canada's fastest-growing point-of-sale fintech lenders, offering customers 0% interest financing at retailers that sell big-ticket goods like furniture, appliances, jewellery and electronics. Through its award-winning omni-channel platform, customers can be approved instantly to shop with their FlexitiCard®, which they can use online or in-store to make multiple purchases, within their credit limit, without needing to reapply. Accepted at over 7,000 locations and ecommerce sites across Canada including The Brick, Leon's, Staples, Sleep Country, Wayfair, Birks and Peoples Jewellers, Flexiti aims to make our customers' lives more affordable and help our retail partners grow their sales by offering flexible financing options.
Flexiti's growth, driven by its financing platform, is recognized as market leading. In 2019, Flexiti was named Canada's 11th fastest growing company by the Globe and Mail, ranked 7th in the Deloitte Technology Fast 50TM program, and 40th in Deloitte North America Technology Fast 500TM. In 2020, Flexiti ranked 29th in The Americas' 500 Fastest Growing Companies by the Financial Times, 6th in The Globe and Mail’s Canada’s Top Growing Companies, 3rd on the 2020 Growth List and 6th and 39th on Deloitte Technology Fast 50TM and Fast 500TM, respectively. Flexiti is a wholly-owned subsidiary of CURO Group Holdings Corp. (NYSE: CURO).
For more information, visit www.flexiti.com.
Source: CURO Group Holdings Corp.; Flexiti
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