Flexiti, a private label credit card (PLCC) issuer, announced it has received an $80 million mezzanine debt facility from Credit Suisse Asset Management. The loan will provide Flexiti with capital to finance future originations and help its merchant partners continue to grow their businesses through flexible financing options.

Founded in 2013, Flexiti is a Toronto-based fintech private label credit card issuer, offering POS financing at big-ticket retailers to make their customers’ purchases more affordable. Through its award-winning mobile application process, customers can apply for financing and receive approval within minutes – no paperwork, no scanning or mailing. With minimal integration required into existing POS systems, retailers can quickly scale across multiple locations and sales channels to offer financing to all of their customers, in-store and online.

Flexiti has experienced significant growth over the past year. After securing a $300 million senior lending facility from Credit Suisse earlier this year, this gives Flexiti over $400 million in lending capacity. With this new debt facility, $40 million will be used to refinance existing debt at significantly lower interest rates, reducing Flexiti’s cost of capital.

“We are committed to delivering an industry-leading financing solution and support services that helps retailers grow their sales and succeed in a highly competitive retail environment,” said PeteKalen, Founder and CEO of Flexiti. “The debt facility provided by Credit Suisse Asset Management allows us to enhance our offering to a rapidly expanding client base and places Flexiti in a stronger financial position to accelerate our growth as the leading private label credit card issuer in Canada.”