IOU Financial Inc Surpasses US$1 Billion in Loan Originations and Establishes All-time Record in Quarterly Loan Originations

Rhea-AI Summary

IOU Financial Inc. has achieved a significant milestone, surpassing US$1 billion in total loan originations over its 12-year history. The company reported a record loan origination of US$52 million in Q3 2021, marking a 51.5% increase from Q2 2021 and a remarkable 183.1% growth year-over-year. CEO Robert Gloer expressed optimism regarding economic recovery, emphasizing the importance of funding for small businesses. IOU Financial is expected to release its Q3 financial results soon, highlighting its commitment to supporting small business growth.

Positive

• Surpassed US$1 billion in total loan originations.
• Achieved record loan origination of US$52 million in Q3 2021, up 51.5% from Q2 2021.
• Year-over-year growth of 183.1% in loan originations for Q3 2021.

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• None.

Company celebrates major milestone in its 12-year history of funding small business growth in North America

ATLANTA, Nov. 2, 2021 /PRNewswire/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today that it has surpassed US$1B in total loan originations.

"This is a major milestone for all IOU team members, partners and stakeholders," said Robert Gloer, President and CEO. "In 12 years, the company has grown but our values have not changed: now more than ever we are committed to exceeding the expectations of our broker partners and the small business owners across North America who rely on our funding solutions to drive their growth plans."

In addition, IOU announced today that its loan originations for the quarter ended September 30, 2021 surpassed all previous records. The company originated over US$52 million in small business loans in Q3, a new high-water mark in the 12-year history of the company, representing a sequential growth of 51.5% vs. Q2 2021, and 183.1% over Q3 2020. 

"We are thrilled to surpass pre-pandemic loan origination numbers and start setting new all-time records for IOU Financial," said Robert Gloer, President and CEO. "We remain cautiously optimistic that the economic recovery will continue despite the lingering potential macroeconomic and public health risks."

IOU Financial originated its first loan in December 2009 and quickly positioned itself as a trusted alternative to banks by helping small business owners get fast and easy access to funding visa its proprietary IOU360 technology platform. The Company continued funding small businesses throughout the Covid-19 pandemic and has subsequently introduced the industry-first IOU Financial Cash Back Loan and announced an-all-time record in monthly loan originations. 

"We faced the challenges of the COVID-19 pandemic with the same entrepreneurial spirit that drove us to launch IOU Financial on the heels of the 2008 financial crisis – and both experiences have reinforced the importance of helping small businesses adapt to new challenges and grow," added Gloer. "Here's to the next 12 years of small business growth!"

The Company is due to share its Q3 Financial Results in the coming weeks.

About IOU Financial Inc.

IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating over US$984 million as of September 30, 2021 in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial's corporate history, financial products, or to join our broker network please visit www.IOUFinancial.com.

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content:https://www.prnewswire.com/news-releases/iou-financial-inc-surpasses-us1-billion-in-loan-originations-and-establishes-all-time-record-in-quarterly-loan-originations-301414711.html

SOURCE IOU Financial Inc.

FAQ

What milestone did IOU Financial Inc. achieve recently?

IOU Financial Inc. surpassed US$1 billion in total loan originations.

How much did IOU Financial originate in loans during Q3 2021?

IOU Financial originated over US$52 million in loans during Q3 2021.

What was the year-over-year growth in loan originations for Q3 2021?

IOU Financial reported a year-over-year growth of 183.1% in loan originations for Q3 2021.

When will IOU Financial announce its Q3 financial results?

IOU Financial is expected to share its Q3 financial results in the coming weeks.

What is IOU Financial's stock symbol?

IOU Financial trades on the TSX Venture Exchange under the symbol IOU and on US OTC markets as IOUFF.