Flexiti ranked 11 on new list of top growing companies
TORONTO – Flexiti Financial, a provider of point-of-sale consumer financing solutions for several furniture and appliance retailers, was placed at No. 11 on the inaugural Report on Business ranking of Canada’s Top Growing Companies.
The new ranking, published by the Globe & Mail, ranks Canadian companies on three-year revenue growth. Flexiti earned its spot with three-year growth of 3,245%. Its revenues for 2018 were estimated to be the range of $5 to $10 million.
In announcing its ranking, Flexiti noted it is the first fintech in Canada to provide instant financing on any device, in-store or online. Customers receive credit approval within minutes and are instantly assigned a virtual credit line that can be used to make big-ticket purchases anywhere with the Flexiti Network. Its globally scalable technology platform requires no POS integration for in-store financing and can be easily integrated into a retailer’s existing e-commerce platforms, allowing retailers to offer the same financing solution across all channels to increase revenue and build loyalty.
“We're absolutely thrilled to reach the No. 11 spot on the Globe & Mail’s ranking of Canada’s Top Growing Companies,” Flexiti founder and chief executive officer Peter Kalen said. “Since our inception, we have worked hard to help retailers drive sales while giving consumers a payment option better suited to their individual lifestyles. Our rapid growth clearly demonstrates that our offering is resonating in the market, and we’re excited to continue our growth in Canada, and bring our solution to global markets in the near future.”
Over the past three years, Flexiti has experienced significant growth, including the acquisition of TD Financing Services’ $250 million Canadian private label credit card portfolio in June 2018. The acquisition added more than one million new customers and 900 merchant locations to its network.
According to its web site, furniture and appliances retailers using Flexiti’s service include Arrow Furniture of Toronto; Lastman’s Bad Boy; EQ3; La-Z-Boy Furniture Galleries; The Brick; Trail Appliances; D.O.T. Furniture; and, Coast Appliances, among others.
Launched this year, the Canada’s Top Growing Companies ranking program aims to celebrate entrepreneurial achievement in Canada by identifying and amplifying the success of growth-minded, independent businesses in Canada. It is a voluntary program; companies had to complete an in-depth application process in order to qualify. In total, 400 companies made the ranking this year.
The full list of 2019 winners, and accompanying editorial coverage, is published in the October issue of Report on Business magazine and online at tgam.ca/TopGrowing (subscriber only).
“We created the Canada’s Top Growing Companies program because we believe there is much Report on Business readers can learn from the successes of the country’s best entrepreneurs,” said Derek DeCloet, editor of Report on Business and executive editor of the Globe & Mail.
Other companies familiar to regular readers of HGO that made the list include the Vancouver-based direct-to-consumer furniture retailer Article, which was ranked No. 14 with a three-year revenue growth rate of 3,004%; Custom Delivery Solutions of Calgary, a provider of final-mile home delivery of big-ticket household goods for retailers such as Leon’s and Sleep Country Canada, ranked 246 with a three-year revenue growth of 134%; and, GoEasy, the parent of EasyFinancial and EasyHome, which came in at 347 with a three-year growth rate of 66%.
“The 400 companies on the inaugural Report on Business ranking of Canada’s Top Growing Companies ranking demonstrate ambition, innovation and tremendous business acumen,” said Phillip Crawley, publisher and CEO of the Globe & Mail. “Their contributions to the economy help to make Canada a better place, and warrant commendation.”