TORONTO, June 10, 2021 /CNW/ - Today, GoTo Loans Inc., Ontario's leading Buy Now, Pay Later (BNPL) platform focusing on the auto service, maintenance and upgrades sector announced a funding agreement with the asset management division of one of Canada's largest insurance companies.
Echelon Capital Markets (a member of Echelon Wealth Partners Inc.) acted as exclusive financial advisor to GoTo Loans in the arrangement of the funding facility.
This funding partnership allows GoTo Loans the ability to accelerate their lending capabilities and to continue funding the rapid growth seen in their innovative payment offering.
"Working with any Tier 1 institutional funding partner with a significant expertise in consumer and commercial lending provides us with stability and allows our management team to remain focused on our technology and growth" says Eric Kaplan, COO of GoTo Loans. "As a company that can be considered relatively new, we are thrilled that the team at Echelon was able to position us in a way that allowed us to demonstrate the value of our technology along with presenting our growth strategy, which ultimately gained the confidence of our lending partner."
GoTo Loans' accelerated growth in 2020 received recognition in the FinTech industry from the Canadian Lenders Association (CLA), being named as a Canadian Auto Lending Platform of The Year.
About GoTo Loans.
Centred around providing simple, transparent payment options GoTo Loans Inc. is a point-of-sale financing provider, also known as 'Buy Now, Pay Later' (BNPL), servicing the automotive accessory, upgrade and service space. Founded in 2018 by consumer lending veterans, GoTo Loans has designed an innovative new technology that simplifies the auto repair loan process and provides a unique and tailored experience unlike any other BNPL platform. The GoTo Loans platform is designed to provide an approval simply by the borrower entering in their vehicle information, and without any personal information, removing roadblocks and pain points experienced in the traditional loan application process. With over 1,200 service centre partners in Ontario, GoTo Loans is the "go to" point of sale lender for mechanics, specialty automotive shops, and service centres province-wide.
About Echelon Wealth Partners
Echelon Wealth Partners Inc. is a Canadian independent wealth management and capital markets firm known for its client-centred approach and innovative, entrepreneurial spirit. The company has approximately 60 Advisor and Portfolio Manager Teams with more than $6 billion in assets under administration and management. Echelon offers a wide range of financial services for individuals, households, institutions and corporate clients from its offices in Toronto, Oakville, Ottawa, London, Montreal, Saskatoon, Calgary, Edmonton, Vancouver and Victoria. Echelon Wealth Partners is a member firm of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). For more information, please visit www.echelonpartners.com.
SOURCE GoTo Loans
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