VersaBank Adds Simply Group Financial as Point-of-Sale Partner With Initial Financing of $72 Million
Source – https://www.businesswire.com/news/home/20200908005292/en/VersaBank-Adds-Simply-Group-Financial-Point-of-Sale-Partner
September 08, 2020 07:00 AM Eastern Daylight Time
LONDON, Ontario–(BUSINESS WIRE)–VersaBank (“VersaBank” or the “Bank”) (TSX: VB) today announced that it has partnered with Simply Group Financial Corp. (“Simply Group Financial”) for its Point-of-Sale Financing business. 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. 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.
Tweeted this – “We are thrilled to welcome Simply Group Financial as a new Point-of-Sale Financing partner”
“We are thrilled to welcome Simply Group Financial as a new Point-of-Sale Financing partner,” said David Taylor, President and CEO, VersaBank. “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.”
Mr. Taylor added, “The addition of a partner of Simply Group Financial’s caliber 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,” said 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.”
About Simply Group
With more than $850 million in assets originated or acquired, Simply Group (www.mysimplygroup.com) provides consumers and businesses with financing solutions that afford them greater flexibility not only to achieve improved energy-efficiency, but also to modernize their residential, commercial and industrial properties and projects. Simply Group knows that its people are its greatest asset and is proud to be Great Place to Work-Certified since 2016. In 2020, Simply Group was named Best Business of the Year by the Canadian SME National Business Awards.
VersaBank adopted an electronic B2B (business-to-business) branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule 1 chartered bank licence and obtains its deposits, and the majority of its loans and leases, electronically. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A. and VB.PR.B. respectively.
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