New York, NY – NewOak Finance Inc. (NFI) has announced its next round of financing through its latest offering memorandum at $CAD 16.05/unit (up from $CAD 10.00/unit).
NFI is a start-up entity that benefits from the pre-existing resources and expertise of its parent company, NewOak Capital LLC (“NewOak”), which has been supporting the development of the portfolio companies FuturePay Holdings Inc. (“FPHI” shall be used to refer to the entity, while “FuturePay” shall refer to the FuturePay system and brand) and Orbis Financial Technologies, Inc. (“OFTI” shall be used to refer to the entity, while “OrbisPay” shall refer to the OrbisPay system or brand).
The purpose of the formation of NFI by NewOak was to consolidate its activities and efforts in managing and supporting the development of FPHI and OFTI businesses and growing them, while taking advantage of synergies in credit and asset management, capital markets and technology strategy across all subsidiaries of NFI.
FPHI is an e-Commerce point-of-sale (“POS”) merchant-centric consumer finance company that provides clients of online retailers with an instant financing payment option. FuturePay provides automated underwriting and issuance of prime and near-prime revolving consumer credit at the point-of-sale, enabling the offering of revolving-line credit to merchants’ customers for online and in-store POS purchases, including the ability to issue digital FuturePay-branded or private label credit cards. From the consumer perspective, FuturePay is a payment option that lets customers buy now and pay later, without requiring a credit card.
OFTI is a fintech division of NFI that provides an alternative to predatory lending such as payday loans. Payday loans consist of extremely high-interest, short-term credit extended by a lender based on a borrower’s income and credit profile. This type of lending targets low-income wage earners with little access to conventional credit resources. These borrowers often become trapped in an endless cycle of borrowing to repay prior loans. In providing an alternative to payday loans, OFTI can help build financial security for a company’s workforce and help reduce their financial stress at no cost to the employers. As a result, employers tend to be interested in offering such a benefit by signing with OFTI.