MISSISSAUGA, ON, June 14, 2021 /CNW/ - Axis Auto Finance Inc.
("Axis" or the "Company"), (TSXV: AXIS) a fintech lender servicing
the alternative auto finance market, announced today that its
wholly owned subsidiary, Pivotal Capital Corp. ("Pivotal")
has secured a Funding Facility (the "Facility") with a
Canadian Schedule 1 Bank.
Pivotal is an independent Canadian commercial equipment finance
company active across the transportation, construction,
manufacturing and food services sectors. The Facility adds to
Pivotal's existing funding relationships. Unique in the Canadian
marketplace, Pivotal can lend across the credit spectrum with rates
from investment grade to sub-prime.
Facility highlights include a Purchase facility, with capacity
of up to $40 million in annual
purchases, and a Warehouse facility, with a limit of $5 million. The Facility will be used to finance
and purchase the payment receivables generated from commercial
finance contracts.
"This Facility represents a turning point for Pivotal, this is
the first step in becoming Canada's largest independent Equipment finance
company. This has been our plan from the beginning, and I am proud
to see it evolving," said President Steven
Koster.
CEO Todd Hudson added, "This
Facility takes me back to my roots, I have built this before at
Element in 2010 and we at Pivotal will build it again. I have
surrounded myself with the best-in-class Originations, Credit,
Operations and Management teams. The market needed a significant
independent presence and we have answered the call."
Grant of Options
A Director of Axis has been granted 60,000 stock options at an
exercise price of $0.32 vesting over
36 months and expiring 7 years from the grant date.
About Pivotal Capital
Pivotal is a wholly owned subsidiary of Axis Auto Finance (TSXV:
AXIS). With offices in Mississauga, Montreal and Edmonton, Pivotal is a national commercial
equipment finance company, active across the transportation,
construction, manufacturing and food services sectors. Further
information on Pivotal can be found at
https://www.pivotalcapitalcorp.com.
About Axis Auto Finance
Axis Auto Finance is a fintech lender providing alternative used
vehicle financing options to roughly 30% of Canadians (Source:
Equifax) that have credit scores in the non-prime range. All Axis
auto loans report to the credit bureau, resulting in over 70% of
customers seeing a significant improvement of their credit scores.
These clients use Axis as a stepping-stone in their credit
rebuilding journey and we are proud to be improving the lives of
these Canadians. Supported by state-of-the-art, in-house developed
risk analytics, Axis continues to be Canada's fastest-growing publicly traded
auto-financing company. Further information on the Company can be
found at
https://www.axisfinancegroup.com/investors-press-releases/.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Axis Auto Finance Inc.