Peoples Trust acquires venture-backed Lendful Financial


Photo courtesy of Mikko Lemola/iStock/Getty Images

Canadian financial services provider Peoples Trust Co has acquired Lendful Financial Inc, a Vancouver-based financial technology company. Terms weren’t disclosed. Peoples Trust said the deal adds consumer lending to its product suite. Founded in 2015 by CEO Alex Benjamin, CRO Mitch Salis and CTO Pat Forgione, Lendful provides an online lending marketplace that helps borrowers in Canada save as much as 30 percent when refinancing. The company was backed by Canadian venture capital firms Ferst Capital Partners and Stanley Park Ventures. It also raised funding from Alterna Savings.

PRESS RELEASE

Peoples Trust Acquires Growing Fintech Company, Lendful Financial Inc.

Peoples Trust adds consumer lending to its product suite

VANCOUVER, British Columbia, June 19, 2018 (GLOBE NEWSWIRE) — Peoples Trust Company has added consumer lending to their product suite with the acquisition of Lendful Financial Inc., a local innovator whose technology complements the financial products offered for more than 30-years in Canada.

“We’re excited to welcome Lendful to Peoples Group of Companies,” said Grant MacKenzie, CEO. “Strategically, Lendful fits our entrepreneurial culture very well as they are lean, innovative and growing. FinTech and digital adoption rates continue to increase in our core target markets. We believe it makes perfect sense to develop an offering that reflects our customer’s online borrowing needs. Being digital is the future for us at Peoples Group and acquiring Lendful contributes to our position as a leader in what we do – provide access to financial products within select markets.”

Lendful’s founder Alex Benjamin said, “This is a great outcome for our customers and partners. Joining Peoples Group means we can further improve what we already do well – offer a 100% online and frictionless borrowing experience to creditworthy Canadians who manage their finances digitally. It will allow us to service our growing customer base nationally with offices in Vancouver, Calgary, Toronto and Montreal.”

Peoples Group’s mission is to exceed customers’ expectation by providing access to financial products within select markets. With the acquisition of Lendful, they can now offer borrowers a faster decision and easier access to capital to help them manage their lives and personal finances.

By adding Lendful’s innovative, digital consumer lending, Peoples Group endeavours to improve the borrowing experience for Canadians.

For more information, visit www.peoplesgroup.com.

About Peoples Trust

As the foundation for Peoples Group, Peoples Trust Company is a federally chartered financial institution that has provided financial services to Canadians for over 30 years. With a focus on exceptional customer service backed by extensive product knowledge and experience, Peoples is a niche company known for their lending and asset securitization expertise who also offer deposit rates that are among the best in Canada.

Also, for more than a decade, Peoples has been providing comprehensive issuing services for prepaid and credit cards as well as innovative programs in the merchant services business sector through Peoples Card Services and Peoples Payment Solutions. Their regulatory expertise and market guidance have helped innovators from around the world establish, launch and grow programs in Canada. For more information about Peoples Group, visit www.peoplesgroup.com.

About Lendful

Rely on a better borrowing experience with Lendful, which offers Canadians quick and easy access to loans at interest rates that can save them up to 30 percent when refinancing. Lendful offers three- and five-year fixed-term loans to credit-worthy borrowers. More importantly, we give Canadians an alternative to outdated borrowing systems that are complicated and expensive. We offer customers the means and the time to build their lives and focus on what matters.

Media Contacts

Peoples Group
Grant MacKenzie
604-331-2202
[email protected]

Lendful
Alex Benjamin
604-500-9720
[email protected]

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