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CURO Group Holdings Corp. (NYSE: CURO) is a leading provider of financial solutions, offering a wide range of services to meet the evolving needs of consumers. Founded in 1997 in Riverside, California, by three childhood friends from Wichita, Kansas, CURO has grown from a single storefront to a multi-brand powerhouse with a significant online presence.
CURO operates under various well-known brands including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Avío Credit, Opt+, Juo Loans, and WageDayAdvance. These brands offer a variety of financial products such as short-term loans, installment loans, lines of credit, and other financial services. The company prides itself on providing financial freedom to the underbanked, a segment of the market that often lacks access to traditional banking services.
With over 20 years of operational experience, CURO has developed a robust financial technology platform that ensures seamless and efficient transaction processing. The company’s unique, fully integrated system allows for end-to-end ownership of every financial transaction, ensuring high-quality service and customer satisfaction.
Recent achievements include the expansion of online services, strategic partnerships to enhance service offerings, and continuous improvements in their technology infrastructure to better serve their customers. CURO’s financial condition remains strong, with a focus on sustainable growth and profitability. The company is committed to innovation and adapts quickly to changes in the financial landscape, ensuring they remain a trusted partner for their customers' financial needs.
CURO Group Holdings Corp. (CURO) reported a consolidated revenue of $304.4 million for Q2 2022, a significant increase of 62.2% year-over-year, driven in part by its acquisition of Heights Finance. However, CURO faced a net loss of $26.1 million and an adjusted net loss of $11.3 million. The company noted a 163.7% year-over-year increase in loan balances, excluding the divested U.S. Legacy Direct Lending business. Despite growth in revenue and loan balances, the reported provisions for loan losses and increased interest expenses negatively impacted earnings.
CURO Group Holdings Corp. (NYSE: CURO) is set to release its second quarter 2022 financial results on August 8, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern Time to discuss the results. Investors can access the call via the CURO Investors website and by phone. CURO, a consumer finance company, serves both non-prime and prime consumers in the U.S. and Canada, offering a range of financial services for over 25 years.
CURO Group Holdings Corp. (NYSE: CURO) announced the establishment of a new $425 million non-recourse revolving warehouse facility, aimed at enhancing its funding structure for future loans via Heights Finance. This follows a $225 million facility introduced last week related to the acquisition of First Heritage Credit. Both facilities are priced at 425 bps over the benchmark rate. CFO Roger Dean stated this strategic move will significantly strengthen CURO's liquidity and support business growth.
CURO Group Holdings Corp. (NYSE: CURO) has finalized its acquisition of First Heritage Credit (FHC) for $140 million in cash. This strategic move aims to enhance CURO's position in the near-prime lending market, focusing on larger loans and lower rates. Additionally, CURO has secured a $225 million non-recourse revolving warehouse facility to finance future loans for FHC, supporting its growth trajectory. CEO Don Gayhardt expressed optimism about the transformation, projecting improved business predictability and access to lower-cost debt capital.
CURO Group Holdings Corp. completed the divestiture of its Legacy U.S. Direct Lending business to Community Choice Financial for
Flexiti Financial Inc. has reached a significant milestone by surpassing
CURO Group Holdings Corp. (NYSE: CURO) announced the sale of its Legacy U.S. Direct Lending business for $345 million to Community Choice Financial and the acquisition of First Heritage Credit for $140 million. This strategic move aims to transition CURO into higher balance, lower rate credit products, simplifying business results and improving access to lower-cost debt. The transactions have been approved by both companies' boards and are expected to close within 45 days, pending regulatory approvals.
Flexiti Financial has launched its omni-channel customer financing solution in all Michael Hill stores in Canada. The companies announced an agreement for Flexiti to acquire Michael Hill's existing credit card portfolio for approximately C$11 million, expected to close by May 31, 2022. Customers can utilize the FlexitiCard for in-store and online purchases with 0% interest financing. This partnership aims to enhance Michael Hill's Canadian operations, expanding their customer base and improving financing options.
CURO Group Holdings Corp. (NYSE: CURO) reported a 47.6% year-over-year increase in consolidated revenue for Q1 2022, totaling $290.2 million. The company's gross loans receivable exceeded $1.6 billion, more than double from the previous year, aided by the acquisition of Heights Finance, contributing $462.9 million. Net income dropped to $1.3 million ($0.03 per share) compared to $25.7 million ($0.59 per share) in 2021, primarily due to higher provision for loan losses and increased interest expenses. Despite these challenges, loan charge-off rates improved by 90 bps compared to Q1 2021.
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