The alternative financing market shows no signs of slowing, especially in Canada. For years, the Canadian credit market had been dominated by a few banks – some of which didn’t make lending easy for consumers or for small to medium-sized enterprises (SMEs). In fact, those that couldn’t secure a loan weren’t left with a good deal of options. That is, until they were offered financing from alternative lenders, creating big opportunity for companies such as Lendified Holdings Inc. (TSXV:LHI), Payfare Inc. (TSX:PAY), Mogo Inc. (NASDAQ:MOGO)(TSX:MOGO), goeasy Ltd. (TSX:GSY)(OTC:EHMEF), and Equitable Group Inc. (TSX:EQB)(OTC:EQGPF).
Also, consider this. For one, “Alternative lenders and funders in Canada are becoming more of a force to be reckoned with by a number of measures. Indeed, a majority of Canadians now look to online lenders as a viable alternative to traditional financial institutions, according to the 2018 State of Alternative Lending in Canada, a study conducted by online comparison service Smarter Loans,” reports Debanked.com. Two, “There is an enormous need among underserved Canadian small businesses to access capital quickly and easily online, supported by trusted and knowledgeable customer service experts,” said Noah Breslow, chairman and chief executive of OnDeck, as also quoted by DeBanked.
Look at Lendified Holdings Inc. (TSXV:LHI), For Example
Lendified Holdings announced that the Company completed its previously announced non-brokered private placement offering of units of the Company consisting of 6,000,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $300,000.
Each Unit is comprised of one common share in the capital of the Company and one common share purchase warrant exercisable at $0.07 per Share for a period of 24 months following the closing date of the Offering. The proceeds derived from the Offering will be used for key professional personnel additions, regulatory and compliance costs and for general working capital purposes.
In connection with the Offering, the Company paid an aggregate of $15,000 and issued 420,000 compensation options, each exercisable to acquire one Unit at a price of $0.05 per Unit for a period of 24 months following the closing date of the Offering, as finders' fees to certain persons who assisted the Company with the Offering.
All of the securities issuable in connection with the Offering are subject to a hold period expiring four months and one day after the date of issuance in accordance with TSX Venture Exchange ("TSXV") rules and Canadian securities laws. The Offering is subject to the final approval of the TSXV and to all regulatory approvals.
The securities being offered pursuant to the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, such securities being offered pursuant to the Offering in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Other related developments from around the markets include:
Payfare Inc., a leading fintech powering instant payout and digital banking solutions for the gig workforce, announced it is integrating with Plaid, a data network powering the digital financial ecosystem. Payfare powers faster, digital payments for some of the world’s largest on-demand platforms. In addition to instant access to earnings, its offerings also include full-service digital banking apps and payment cards with cash-back rewards and more. Plaid enables consumers to connect financial accounts at over 11,000 institutions globally and more than 5,500 apps.
Mogo Inc., a digital payments and financial technology company, announced a new partnership with CI Investment Services Inc. to provide a range of back office services to support MogoTrade, Mogo’s upcoming commission free stock trading app. CI Investment Services is a leading Canadian broker-dealer that provides a wide range of innovative brokerage and trading services to portfolio managers, introducing brokers and institutional investors. Under the relationship with Mogo, CI Investment Services will provide various operational and back office services, including clearing and settlement, custody of client funds and securities, and trade execution. These services complement Mogo’s in-house capabilities and provide an efficient and flexible path to introduce and scale this new product.
goeasy Ltd., a leading full-service provider of goods and alternative financial services, will hold a conference call with shareholders, analysts, and portfolio managers on Thursday, November 4, 2021. A media release including goeasy Q3 2021 results will be issued after the market closes on Wednesday, November 3, 2021.
Equitable Group Inc. announced that the resolution placed in front of shareholders at a special meeting, which was to amend the articles of the Company to affect a two-for-one share split, has been passed. The Share Split received 99.99 percent approval. After consideration, the Company's board of directors has decided to proceed with the two-for-one Share Split, and the Company will proceed to file articles of amendment under the Business Corporations Act (Ontario) to affect the Share Split.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Lendified Holdings Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares Lendified Holdings Inc. Please click here for full disclaimer.
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