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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.
Flexiti Financial announced a partnership with Unimax Ltd., the largest tire retail network in Canada, to offer 0% interest financing through Point S Canada. This collaboration enables over 850 retail locations to provide Flexiti's omni-channel financing solution, facilitating a seamless checkout experience for consumers. Customers can apply for the FlexitiCard® online or in-store, providing instant approval and flexibility for future purchases. The growth of Flexiti’s innovative financing options reinforces its presence as a leading point-of-sale lender in Canada, catering to various retail sectors.
Flexiti Financial has partnered with G2MC to introduce a 0% interest financing solution across several retail stores in Canada, including Maison Corbeil and Home Société. Customers can apply for the FlexitiCard® in-store, benefiting from a streamlined, paperless application process. This initiative aims to enhance customer access to quality furnishings while providing flexible payment options. Flexiti, recognized for its rapid growth, caters to big-ticket goods and is a wholly-owned subsidiary of CURO Group Holdings Corp. (NYSE: CURO).
CURO Group Holdings Corp. (NYSE: CURO) celebrates Natalie Cahoone, CPA, for winning the Women Who Lead—Financial Services Award by the Wichita Business Journal. This award honors women leaders who mentor and guide others in various industries. Cahoone, a Senior Corporate Accounting Manager, has significantly enhanced CURO's accounting processes and has been involved in implementing COVID-19 relief packages. CURO's leadership praises her team-oriented and innovative approach, underscoring her contributions to the company and community involvement through various volunteer efforts.
Flexiti Financial announced that Sleep Country Canada has launched a 0% interest financing solution for its customers. This flexible buy now pay later option allows customers to apply for the FlexitiCard in-store at 280 locations across Canada, receiving instant approval. Online applications will be available shortly. Both retailers aim to enhance customer convenience by providing financial comfort through affordable payment plans.
Flexiti is recognized as a leading point-of-sale lender in Canada, offering financing options across various retail categories.
CURO Group Holdings Corp. (NYSE: CURO) has successfully completed its acquisition of Flexiti Financial, a Canadian buy-now-pay-later provider, for $86 million in cash and up to $36 million in contingent consideration. This strategic move enhances CURO's presence in Canada's credit card and POS financing markets, allowing access to a broader consumer base. Flexiti, recognized for its technological advancements and flexible financing options, has partnerships with over 2,000 merchants. The acquisition is expected to bolster CURO's long-term growth and improve its risk profile.
CURO Group Holdings Corp. (NYSE: CURO) celebrates Dorinda Henits, Senior Vice President of Product Strategy and Integration, for receiving the Women Who Lead—Major Companies award from the Wichita Business Journal. This recognition honors women leaders who mentor others across various industries. Henits is lauded for her commitment to leadership and customer service, notably during the COVID-19 pandemic, where she implemented safety practices like 'Senior Days' for high-risk customers. The Wichita Business Journal will showcase the honorees in their February 26 issue.
CURO Group Holdings Corp. (NYSE: CURO) reported Q4 2020 financial results, highlighting a 33.2% revenue decline to $202.1 million compared to Q4 2019. While loan balances fell 19.5% year-over-year, sequential growth of 11.3% was recorded. Unrestricted cash surged 183.5% to $213.3 million. Notably, CURO anticipates receiving up to $130 million from its investment in Katapult, expected to enhance its liquidity. A recent acquisition of Flexiti Financial aims to broaden credit offerings in Canada. However, net income dropped 85.2%, reflecting tough market conditions.
CURO Group Holdings Corp. (NYSE: CURO) has announced an agreement to acquire Flexiti Financial Inc. for $85 million, with potential contingent payments of up to $36 million based on performance targets. This strategic acquisition diversifies CURO's revenue and enhances its Canadian market presence by integrating Flexiti's omni-channel private label credit card platform and POS financing capabilities. Flexiti, a rapidly growing lender, saw originations rise significantly from C$49 million in 2017 to over C$290 million in 2020. The deal is expected to close in Q1 2021, pending regulatory approvals.
CURO Group Holdings Corp. (NYSE: CURO) will announce its fourth quarter 2020 financial results on February 4, 2021, after market close. A conference call to discuss the results is scheduled for February 5, 2021, at 8:15 a.m. Eastern Time, available via its investor website. CURO is a leader in providing short-term credit to non-prime consumers, operating in the U.S. and Canada with over 20 years of experience. The company offers various credit products and services through multiple brands, including Speedy Cash and Cash Money.
CURO Group Holdings Corp. (NYSE: CURO) announced its beneficial position regarding Katapult Holding, Inc.'s merger with FinServ Acquisition Corp. This transaction values Katapult at $908 million, with CURO set to receive up to $365 million, including a potential earnout of $30 million. CURO anticipates receiving cash of up to $125 million post-transaction while retaining at least a 21% stake in Katapult. The transaction aims to enhance CURO's balance sheet flexibility and market reach, pending stockholder approval. This strategic move is expected to solidify CURO's role in the e-commerce POS financing for non-prime consumers.
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