New York-based asset management company will purchase Canadian loans over the next 3 years
TORONTO, April 6, 2017 /CNW/ - Today LendingArch, the Calgary-based online and point-of-sale lending platform, announced a partnership with NewOak, a New York-based asset management and institutional advisory firm who have advised on over $5.5 trillion in assets on behalf of the world's top banks, institutions, law firms and regulators. This partnership gives NewOak the ability to purchase up to $2 billion worth of loans originated through LendingArch's platform over the next three years, the largest deal of its kind for a Canadian consumer lending platform.
NewOak will also be taking on an advisory role with LendingArch, providing insight on capital markets, credit, growth, and additional business opportunities as the company further expands its point-of-sale lending platform.
"We've been searching for a strategic opportunity in the North American market that had the expertise we were looking for, and after considering several options, LendingArch became the clear choice because of its diverse portfolio, team vision and highly adaptable technology," said Ron D'Vari, NewOak CEO. "This strategic partnership means NewOak can work cohesively with LendingArch to achieve its mission of providing Canadian consumers with flexible loans while concurrently giving our team a great ally in the Canadian market."
The NewOak partnership is LendingArch's first of many institutional-based deals that they are looking to strike in North America and internationally, and means that the company can continue to provide high-quality, low-cost loans across a range of verticals, giving Canadians a viable alternative to banks for consumer lending.
"We're thrilled to build this collaborative partnership with NewOak because of their industry expertise, and the invaluable role they'll play in helping advise us as we grow into new verticals and markets," said Arti Modi, LendingArch CEO. "Whether Canadians are borrowing money to consolidate debt, pay for home improvement, or pay for medical procedures not covered under insurance, this partnership will allow us to provide even more low-cost loans to Canadians, which have the potential to make a real impact on their quality of living."
Since launching in 2015, LendingArch has become one of the fastest-growing providers of instant flexible rate loans for Canadian consumers, with loans processed in Ontario, B.C. and Alberta. The company also recently launched its point-of-sale financing options for Canadian businesses, giving merchants an additional payment method, and allowing consumers to get instant credit for large purchases. There are currently over 3,000 businesses being onboarded to the LendingArch point of sale system.
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Founded in 2015, LendingArch is a modern finance company innovating the lending experience. Through smart technology, real-time data and a simple application, LendingArch has become one of Canada's fastest-growing providers of instant credit to financially-responsible Canadians. From making medical and home improvement costs more affordable, to paying off credit card debt and helping with personal growth, LendingArch is dedicated to bringing financial advancement for all Canadians who deserve better rates and faster service when achieving their most important life goals and milestones.
NewOak is built for today's global financial markets. Powered by an experienced team of independent, cross-asset class experts, NewOak's financial advisory services and litigation consulting help our clients surmount the unique and demanding challenges in the critical areas of credit, risk, compliance and regulation, enabling them to maximize efficiencies internally and outperform externally. Backed by leading-edge analytics and proprietary, customizable technology solutions, NewOak's experienced market practitioners and legal professionals collaborate with clients to convert complex business threats into competitive advantage.
For further information: For further information or for interview requests, please contact: Jamie Gillingham, PR Account Manager, Eighty-Eight, [email protected], Office 416-944-2722