STAMFORD, Conn., May 2, 2024
/PRNewswire/ -- Bastion Management ("Bastion"), a private
investment firm focused on asset-based lending in the specialty
finance sector, announced today that it agented a senior debt
investment of $50 million in Cashco
Financial ("Cashco") to refinance an existing senior lender and
fund future growth of their Canadian consumer lending portfolio.
Stephens served as Exclusive
Financial Advisor on the transaction.
Cashco is a leading branch and online-based lender providing
underbanked Canadians access to installment and short-term loans as
well as ancillary services to help customers track their credit and
manage their finances. Cashco, led by a management team and board
with decades of experience and industry knowledge, has established
54 branches and an online platform to extend their reach across
Canada.
"Propelled by the support and confidence of Bastion and
Stephens, Cashco is embarking on
an exciting phase of growth. The closure of this debt facility not
only facilitates the scaling of our operations but also lays the
groundwork for further investment in our people, an inventive
product development roadmap, and a relentless focus on
technological advancement," said Lindsay
Dodd, CEO of Cashco Financial.
Tim Reimink, Co-President of
Bastion, added, "We are thrilled about our partnership with Cashco
as they continue their mission of providing accessible financial
solutions and empowering individuals on their journey towards
financial health."
About Bastion Management
Bastion is a private investment firm that provides creative
financing solutions to small and midsized businesses operating in
the alternative finance space throughout North America and in the UK. Over a decade
since its inception, Bastion has closed over 45 transactions and
over $1.3bn in total commitments to
traditional consumer lending platforms and emerging companies in
the financial technology industry. Bastion has a successful track
record partnering with companies that have strong management teams
and committed equity backing in support of the initial growth stage
through to public listing.
About Cashco Financial
Based in Edmonton, Alberta,
Canada, Cashco serves a growing number of Canadians who
require innovative solutions to address complex and ever-changing
financial needs. Cashco provides unsecured consumer installment
loans to Canadian consumers through a branch and online-based
model. Since 2009, Cashco has originated CAD $1.3 billion of loans and has built a loyal
customer base through a high-touch customer-centric approach. Learn
more at cashcofinancial.com.
About Stephens
Stephens is the company brand
name for a group of financial service firms owned by the
Stephens family. The U.S.
investment banking arm, Stephens Inc. is headquartered in
Little Rock, Arkansas. Founded in
1933, Stephens Inc. provides securities brokerage, investment
banking and other financial services to a broad client base which
includes corporations, state and local governments, financial
institutions, institutional investors and individual investors
throughout the United States and
overseas. Stephens Inc. (Home Office: 111 Center Street,
Little Rock, AR USA, 501-377-2000)
is regulated by the Securities and Exchange Commission and the
Financial Industry Regulatory Authority. Member SIPC/NYSE. For more
information, visit www.stephens.com.
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SOURCE Bastion Management