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.
Most of us enjoy the benefits of servitization (also known as managed services or managed solutions) every day. In fact, you may be holding a piece of equipment that includes bundled services in your palm as you read this article.... read more
Usury is the exacting, taking or receiving of a greater rate than allowed by law for the use or loan of money or a forbearance. A transaction is usurious if a loan is made at greater than the legal rate... read more