Welcome to our dedicated page for IOU Financial news (Ticker: IOUFF), a resource for investors and traders seeking the latest updates and insights on IOU Financial stock.
IOU Financial Inc. (IOUFF) is a wholesale lender offering hassle-free access to growth capital for small businesses in the US and Canada. Using advanced IOU360 technology, the company has provided over US$1 billion in loans since 2009. IOU fosters financial growth and stability by connecting underwriters, merchants, and brokers in real-time. The recent approval of a statutory plan of arrangement for acquisition promises exciting opportunities for investors and stakeholders.
IOU Financial Inc. announced the grant of stock options under its Stock Option Plan, allowing senior officers, directors, and certain managers to acquire 2,650,000 common shares at an exercise price of $0.16. The options will vest in three stages: one-third immediately, with the remainder vesting in equal parts over the next two years. IOU Financial has provided over $1 billion in loans to small businesses since 2009, utilizing its innovative IOU360 technology platform. The company is recognized as a trusted alternative to banks in the lending market.
IOU Financial Inc. announced the appointment of Danny O'Keefe as Chief Accounting Officer to enhance its financial planning capabilities. The company reported US$59.0 million in loan originations for Q2 2022, a 71.3% increase from Q2 2021. IOU targets loan originations between US$220 million and US$260 million for the full year while focusing on innovative financial products. The strategic shift from a direct loan portfolio to a marketplace model has opened new growth avenues.
IOU Financial Inc. introduces its largest loan product, the Premier PLUS term loan, offering amounts between US$500K and US$1.5M with 36-month terms. This initiative aims to meet growing small business financing needs, enabling access to funds within 24 hours post-application. Available to businesses operating for at least five years and those with strong credit, this product expands IOU's portfolio, which already includes a 24-month term loan and a Cash-Back Loan.
IOU Financial Inc. has announced the repurchase of approximately $0.6 million of its convertible debentures, increasing the total year-to-date repurchases to $2 million. This action reduces the outstanding principal value of the debentures to approximately $6 million, maturing on December 31, 2023. CEO Robert Gloer emphasized the company's robust financial position and commitment to reducing corporate debt while focusing on scalable growth.
IOU Financial reported a strong Q1 2022, achieving a record loan origination of $59.6 million, up 135.5% compared to Q1 2021. This aligns with their strategic shift to a marketplace model, enhancing profitability with net earnings exceeding $1.1 million, a 61.8% increase from Q4 2021. Servicing and fee revenue surged by 133.0% to $3.9 million. The company aims for loan originations between $220 million and $260 million for 2022, reflecting a robust post-pandemic growth strategy.
IOU Financial Inc. (TSXV: IOU; OTC: IOUFF) has announced a buyback of approximately $1.2 million in convertible debentures, totaling $4.9 million in repurchases over the last year, leaving $6.8 million outstanding due by December 2023. The Company reported record loan originations of US$161.5 million in 2021, a 90% increase from 2020, attributed to its successful marketplace strategy. Full financial results will be released in April.
IOU Financial Inc. has appointed Kathleen Miller to its Board of Directors as of February 1, 2022. With over 30 years of experience in financial services, Miller aims to drive growth amid the North American financial recovery. Her background includes successful M&A processes and leadership roles in high-growth tech firms. The company has also granted her options for 55,000 common shares at $0.2005. IOU Financial continues to focus on product innovation and expanding its distribution channels, having recently launched two new financial products and surpassed $1 billion in loan originations since 2009.
IOU Financial has announced a repurchase of approximately $0.2 million of its convertible debentures, bringing the total repurchased this year to $3.7 million. This decision is part of their strategy to reduce corporate debt and invest in growth initiatives. Despite these repurchases, there remains approximately $8 million of outstanding principal value of debentures. In the Q3 2021 financial results, IOU reported record loan originations of $52.2 million and achieved profitability with $0.4 million in adjusted net earnings.
On December 3, 2021, IOU Financial announced the launch of a new 24-month term loan, aimed at small business owners, with amounts between US$300K and US$600K. This initiative expands options for their broker network, enhancing the funding tools available to meet growing needs. The product is available for businesses operational for at least 7 years and rewards high credit scores. This follows their previous introduction of an industry-first Cash-Back Loan and a recent milestone of exceeding US$1 billion in loan originations.
IOU Financial has announced the repurchase of approximately $0.3 million of its convertible debentures, pushing the total year-to-date repurchases to $3.5 million. This initiative is part of the company's strategy to reduce corporate debt. CEO Robert Gloer highlighted that the transition to a marketplace strategy has strengthened IOU's cash position while enabling growth and debt reduction. Additionally, the company reported a record US$52.2 million in loan originations for Q3 2021 and a return to profitability with adjusted net earnings of $0.4 million.
FAQ
What is the market cap of IOU Financial (IOUFF)?
What services does IOU Financial Inc. provide?
What is IOU's proprietary technology platform?
What significant achievement has IOU Financial Inc. recently celebrated?
What recent event promises new opportunities for IOU Financial Inc.?
Where can I find more information about IOU Financial Inc.?
