IOU Financial Inc. Joins the FINSYNC Lending Network - IOU integrates its funding solution with FINSYNC's cash flow management platform to fuel the growth of more businesses
Nov 26, 2018, 16:30 ET
MONTRÉAL, Nov. 26, 2018 /CNW Telbec/ - IOU FINANCIAL INC. ("IOU" or "the Company"); (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), is pleased to announce its strategic partnership with FINSYNC, Inc. ("FINSYNC").
Small businesses of all types rely on FINSYNC to visualize, manage and project cash flow and analyze loan options. IOU's non-collateralized financing product has been assimilated by FINSYNC, enabling users who apply for financing through FINSYNC to quickly access IOU's affordable, flexible financing for working capital and expansion.
"FINSYNC's innovative cash flow management solution helps business owners better assess the opportunity to access working capital based on past and projected cash flow. This is a totally new way to back growing businesses," said Christophe Choquart, VP of Strategic Partnerships at IOU Financial.
"This partnership greatly enhances the convenience of applying for working capital funding for our clients," said Robert Gloer, President and COO of IOU Financial.
FINSYNC and IOU Financial will jointly market to businesses who are seeking better financing and technology to help them grow. As an all-in-one cash flow management platform, FINSYNC helps with financing, as well as payments, payroll and accounting.
Banks and credit unions part of the FINSYNC lending network benefit from this integration as well. Prior to turning their customers down for financing that may be considered higher risk, the lender will be able to utilize FINSYNC to see if their borrowers will qualify for IOU's non-collateralized product.
About IOU Financial Inc.
IOU Financial Inc. provides small businesses throughout the U.S. and Canada access to the capital they need to seize growth opportunities quickly. Typical customers include medical and dental practices, grocery and retail stores, salons, gas stations, auto repair shops, and restaurants. In a unique approach to lending, the IOU Financial advanced, automated application and approval system accurately assesses applicants' financial realities, with an emphasis on day-to-day cash flow trends. It makes loans of up to US$300,000 to qualified U.S. applicants ($100,000 in Canada) within a few business days, with affordable charges favorable to cash-flow management. Its speed and transparency make IOU Financial a trusted alternative to banks. To learn more visit: IOUFinancial.com.
About FINSYNC, Inc.
FINSYNC is cash flow management software that helps businesses grow. In a single platform, businesses can collect income, pay bills, process payroll, automate accounting, forecast cash flow, and access financing through FINSYNC's Lending Network. Banks, credit unions, and lenders join the network to receive loan applications electronically and benefit from advanced analytics and automation.
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.
SOURCE IOU Financial Inc.
For further information: For more information regarding this press release or IOU Financial, please contact: Phil Marleau, Chief Executive Officer, +1 (514) 789-0694, ext. 225; David Kennedy, Chief Financial Officer, +1 (514) 789-0694, ext. 278; Benjamin Yi, Corporate Development & Capital Markets, +1 (647) 295-0654; For more information regarding strategic partnerships with IOU Financial, please contact: Christophe Choquart, Vice President, Strategic Partnerships, +1 (678) 264-8584; Robert Gloer, President & Chief Operating Officer, +1 (678) 809-6251