SmartPay Leasing, a provider of mobile device consumer leasing, secured $50 million in senior secured credit from a new financing partner. The agreement also includes a commitment to increase financing to $150 million at the lender’s discretion.
“We are pleased that our demonstrated success has led to a significant increase in our capital funding, and the completion of this agreement marks another important step in providing capital for the rapid expansion of SmartPay. We continue to add new retail partners and securing the capital to support our growth is critical to our business,” said Ken Pedotto, president of SmartPay.
Based in San Francisco, CA, SmartPay focuses its retail leasing products on the mobile phone industry, serving mobile carriers and retailers with its leasing products. SmartPay was launched in 2012 by the San Francisco-based financial technology start-up Better Finance, and was acquired by CNG Holdings in 2015. SmartPay partners with its affiliated company, TEMPOE Leasing, to offer a comprehensive suite of retail finance products nationally. While SmartPay focuses its leasing products exclusively on mobile retailers and carriers, TEMPOE provides retail leasing and financing products to other types of retailers, including e-com solutions.
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