RELEASE | Evolocity Closes New Senior Secured Banking Facility with BMO
Evolocity Financial Group Closes New Senior Secured Banking Facility with Bank of Montreal (BMO)
New Banking Relationship Adds Significant Funding Capacity
Montreal, Quebec – September 6, 2017 - Evolocity Financial Group, a leading financial technology company providing business loans and merchant cash advances to small and medium-sized Canadian merchants (“SME”), today announced that it has established a new senior secured banking relationship with Bank of Montreal (“BMO”). Evolocity Financial will use this new funding to accelerate the growth of its SME financing programs and allow for greater flexibility in future product offerings. Moreover, as a consequence of this new strategic relationship, Evolocity intends to migrate its cash management to the BMO transaction services platform which provides a highly scalable and secure solution for all payment needs.
“We are truly appreciative that Bank of Montreal has decided to partner with us and support our efforts to provide Canadian small businesses with greater access to working capital. Fintech lenders continue to transform the Canadian marketplace for small business borrowers. We are proud to be one of the fastest growing and most trusted non-bank small business lenders in Canada.” said Neil Wechsler, CEO of Evolocity. “We continue to see strong demand for our financial products with approximately 80% year-over-year portfolio growth. Along with our distribution partners, we are here to meet that demand for alternative financing solutions. The support of BMO goes a long way in solidifying our growth initiatives and allows us to continue to execute on our business strategy of providing Canadian SMEs quick access to the working capital they need to grow.”
Evolocity Financial uses proprietary risk scoring models, data aggregation and electronic payment technology along with financial performance data to underwrite and facilitate small business loans and merchant cash advances between $5,000 and $300,000 with no collateral requirement. Over the past twelve months, Evolocity has provided over $63 million via approximately 1850 fundings to small businesses across Canada.
About Evolocity Financial Group
Evolocity Financial Group offers fast and flexible financing solutions to small and medium-sized Canadian businesses. With a simple online application process, Evolocity Financial Group is focused on SME merchants and is a great source of growth capital, quickly. A Canadian company, Evolocity understands the unique cash flow demands affecting small businesses and has developed an innovative approach to SME financing. For more information, please visit www.evolocity.ca.
Melanie Bufo | Director, Marketing & Communications
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