LOS ANGELES – (BUSINESS WIRE) – October 21, 2021–
Nowlake Technology, LLC, the fintech parent company of Westlake Technology Holdings and Nowcom Corporation, announces a strategic investment of C $ 15 million with Axis Auto Finance Inc, a fintech lender serving the Canadian auto finance market.
Nowlake and Axis have entered into a share purchase agreement pursuant to which Nowlake will invest C $ 15 million in a private placement. Proceeds from the offering will be used to develop and deploy digital loan origination channels and for general corporate purposes.
“Having Nowlake as a significant shareholder and partner signals to the market that Axis is an important fintech player,” said Todd Hudson, CEO of Axis. “Technology is the engine of our business expansion and we look forward to the deployment of several cutting-edge FinTech initiatives in the near future,” he added. Nowlake will own 23% of Axis after the transaction closes and Ian Anderson, president of the Nowlake group, will be appointed to Axis’ board of directors.
“Our partnership has proven to be mutually beneficial and we are delighted to increase Nowlake’s stake in Axis,” said Ian Anderson. “This is the next logical step in our expansion in Canada.
Those interested in learning more are encouraged to contact Westlake directly at 1.888.893.7937 or online at www.westlakefinancial.com.
About Nowlake Technology
Nowlake Technology is the fintech parent company of Nowcom Corporation and Westlake Technology Holdings, headquartered in Los Angeles, California. Nowcom Corporation develops technology solutions for the automotive and financial services industries, including Westlake Technology Holdings. Westlake Technology Holdings is an automotive and financial technology company that provides financing solutions to thousands of auto dealers across the United States, as well as refinancing auto loans, secured loans, and personal loans directly to consumers through LoanCenter. .com, Westlake also manages third-party personal services for the medium to large scale auto loan, personal loan and secured loan portfolios of finance companies, credit unions and investment firms.
About Axis Auto Finance
Axis Auto Finance is a fintech lender offering alternative used vehicle financing options to approximately 30% of Canadians (source: Equifax) who have credit scores in the non-preferred range. All Axis auto loans are reported to the credit bureau, resulting in over 70% of customers seeing significant improvement in their credit rating. These clients use Axis as a stepping stone in their credit rebuilding process and we are proud to improve the lives of these Canadians. Backed by state-of-the-art risk analyzes developed in-house, Axis continues to be the fastest growing publicly traded auto finance company in Canada. Further information on the Company is available at https://www.axisfinancegroup.com/investors-press-releases/ or by e-mail: [email protected]
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211021005834/en/
CONTACT: David Goff, Vice-President, Marketing
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES AUTOMOTIVE DATA MANAGEMENT OTHER PROFESSIONAL SERVICES OTHER AUTOMOTIVE TECHNOLOGIES FINANCE
SOURCE: Nowlake Technology, LLC
Copyright Business Wire 2021.
PUB: 10/21/2021 12:11 / DISC: 10/21/2021 12:11
Copyright Business Wire 2021.