FlexShopper, Inc. completed the acquisition of Consumer loan portfolio and associated assets of Revolution Financial, Inc. for $3.4 million.
December 08, 2022
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FlexShopper, Inc. (NasdaqCM:FPAY) agreed to acquire Consumer loan portfolio and associated assets of Revolution Financial, Inc. for $5 million on October 11, 2022.
FlexShopper, Inc. (NasdaqCM:FPAY) completed the acquisition of Consumer loan portfolio and associated assets of Revolution Financial, Inc. for $3.4 million on December 3, 2022. In consideration for the sale of the Revolution net assets, the Company issued an adjustable promissory note with a fair value of $3,421,991.
FlexShopper, Inc. is a financial technology company that provides payment options to consumers. The Company provides a variety of funding options via lease-purchase solutions and loans. It has several channels, which generate payment options for customers. The Company enables consumers to use its e-commerce marketplace to shop for brand name electronics, home furnishings and other durable goods on a lease-to-own (LTO) basis. It provides an opportunity to obtain ownership of durable products, such as consumer electronics, home appliances, computers (including tablets and wearables), smartphones, tires, jewelry and furniture (including accessories), under affordable payment LTO purchase agreements with no long-term obligation. The Company's primary sales channels include business-to-consumer and business-to- business channels. It offers a range of brands, such as Samsung, Sony and TCL home electronics; Frigidaire, General Electric, Samsung and Whirlpool appliances, and others.