FlexShopper, an online provider of lease-to-own ("LTO") financing and payment solutions for consumers, entered into a credit agreement, with a term of two years, providing for up to $100 million of debt financing, a portion of which is uncommitted, from funds managed by Waterfall Asset Management, LLC, a New York-based credit adviser.  In addition, FlexShopper raised $9.35 million in equity capital from Waterfall, Middlemarch Partners, LLC and other strategic investors.

The financing will enable FlexShopper to accelerate its growth in originating consumer leases through its LTO ecommerce marketplace and patent pending LTO payment method.

Brad Bernstein, CEO, stated, "This debt and equity financing increases our balance sheet strength and ensures that we are well positioned to execute our strategies of enabling lease-to-own consumers to shop online for what they want, where they want, and positioning ourselves as the only LTO platform that can provide retailers and e-tailers with multiple digital channels to increase their sales with LTO consumers. We believe consumers that don't have sufficient credit or cash should have the same online choices and opportunities as everyone else. We look forward to expanding our offerings to this market which we estimate is in excess of $20 billion."

FlexShopper offers consumers three distinct ways of obtaining brand name durable goods on an LTO basis: 1) At FlexShopper's LTO e-commerce marketplace, www.flexshopper.com, consumers can choose from over 80,000 different items including electronics, white goods, furniture, musical instruments, and equipment. 2) On third-party e-commerce sites featuring FlexShopper's LTO payment method, consumers can activate FlexShopper's payment button at checkout. 3)  Consumers can use FlexShopper's automated kiosk in certain retail locations. Regardless of channel, consumers can be approved in minutes for spending limits and may own their items after making 52 weekly payments or by exercising an early payment option which saves them money.

In connection with entering into the Credit Agreement, FlexShopper raised $9.35 million in gross proceeds through direct sales of 17.0 million shares of FlexShopper common stock to certain affiliates of the Lender and other accredited investors for a purchase price of $0.55 per share.

FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. (FPAY) is a financial and technology company that provides brand name durable goods to consumers on a lease-to-own (LTO) basis through its ecommerce marketplace (www.FlexShopper.com ) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-tailers to enter into transactions with consumers that want to obtain durable goods, but do not have sufficient cash or credit.