FlexShopper, Inc. Issues Originations and Retail Update
June 26 2019 - 8:30AM
FlexShopper, Inc. (Nasdaq: FPAY), a leading national online
lease-to-own (“LTO”) retailer and omnichannel LTO payment solution
provider, today provided an update on its year-to-date sales
growth, including results from its retail B2B channel. As of
today, FlexShopper reported that its LTO payment method is offered
as a checkout option at more than 1,200 retail partner locations,
compared with fewer than 100 locations at this time a year
ago. Year-to-date lease originations in this channel totaled
$6.5 million, up over 438% compared with the same period last year.
FlexShopper CEO Brad Bernstein commented, “I am
pleased to share that our retail B2B channel is becoming a strong
driver of both lease origination growth and reduced average
customer acquisition cost. Year-to-date, leases generated through
our retail partners’ locations represented approximately 24.5% of
our total dollar lease originations versus approximately 6.7% of
our total dollar lease originations for the comparable period last
year. The results reflect the success of our recent retail rollouts
and contributed to our overall year-to-date lease origination
growth, up 47% compared with the same period last year. We
are aggressively working to leverage our retail momentum with
additional national and regional retail partners. We believe our
zero-integration, mobile application process with instant payment
at the retailers’ point of sale is a compelling feature for
retailers.”
About FlexShopper
FlexShopper, Inc. (FPAY) is a leading
omnichannel provider of lease-purchase solutions for non-prime
consumers and for retailers. For shoppers, a simple
application completed online or in-store provides immediate
purchasing power to non-prime consumers. For retailers, we
provide an attractive alternative to their non-prime retail
customers, which helps them “save the sale” and increase their
business. Our unique, proprietary technology platform serves
both B2C and B2B channels. FlexShopper’s largest direct to consumer
channel is its LTO marketplace (www.flexshopper.com), which
features over 150,000 items drop-shipped by some of the nation’s
largest retailers. The Company’s B2B channels include its mobile
LTO point-of-sale technology and its LTO payment option on
retailers’ ecommerce sites. FlexShopper approves consumers
utilizing its proprietary consumer screening model, collects from
consumers under an LTO contract and pays its retail partners for
the goods.
Forward-Looking Statements
Certain statements in this release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
involve a number of risks, uncertainties and other factors that
could cause actual results to differ materially, as discussed in
FlexShopper's filings with the Securities and Exchange Commission.
The forward-looking statements made in this release, including
FlexShopper’s sales growth and results from its retail B2B channel,
speak only as of the date of this release, and FlexShopper assumes
no obligation to update any such forward-looking statements to
reflect actual results or changes in expectations, except as
otherwise required by federal securities law.
Contact:Jeremy HellmanSenior
AssociateThe Equity
Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
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