TORONTO, Sept. 3, 2015 /CNW/ - Newstart Financial Inc, operating as O/A NewstartCanada.com, a mid tier sub prime car leasing and consumer finance company, is pleased to announce that they have engaged Mark Borkowski of Mercantile Mergers and Acquisitions to seek an equity partner to help meet the increased demands for growth.
"We are excited to find the right partner to help us grow Newstart Canada. Unbankable Canadians from coast-to-coast deserve the chance to borrow at affordable rates," said Dave Baker, Founder and President of Newstart Canada.
Newstart is Canada's original micro-lender, and was one of the first companies to recognize the untapped subprime market. By providing peer-to-peer lending to Canada's unbankable, Newstart aims to help individuals establish or improve both their credit rating and quality of life.
Since 2007, Newstart has provided over 3800 microloans with an average loan amount of $5500 financed over 28 months. The loaned amount has now exceeded over 21 million dollars with a 76% success rate.
Newstart Canada differentiates itself by being a certified B-Corporation; a status which confirms both their social and environmental mandate. Although the FINTECH/Marketplace Lending industry has recently exploded, this independent lending company continues to serve and help a demographic that is currently unwanted by the upcoming industry players.
The 8 year track record has supported investor returns of 8 to 12%, while balancing a bad debt rate of 15%. With this is mind, Newstart is now ready to scale operations across Canada.
Additionally, Newstart has built a very impressive customer care software system. Online web applications are processed, approved and documented via a seamless and fully automated process. Although customer care is handled by real live qualified customer care coaches, all administrative functions are highly streamlined through a centralized in-house server. This is coupled with a state of the art voice over IP phone system and call recording for quality assurance.
Newstart continues to maintain an A+ rating with the Better Business Bureau.
SOURCE Newstart Canada
Image with caption: "Newstart Canada (CNW Group/Newstart Canada)". Image available at: http://photos.newswire.ca/images/download/20150903_C8323_PHOTO_EN_490431.jpg
For further information: Mark Borkowski, pres. Mercantile Mergers and Acquisitions Corp- [email protected] or 416-368-8466 ext 232