- 40% year over year increase in loan originations
- Retail and wholesale channels demonstrate strong growth
MONTRÉAL, July 20, 2015 /CNW/ – IOU Financial Inc. (TSX Venture Exchange: IOU) (“IOU Financial” or the “Company”) a leading online lender to small businesses, announced today it originated US$33.8 Million in new loans in the second quarter of 2015, representing a year over year increase of 40%.
The growth in loan origination was driven by both the Company’s retail distribution channel and wholesale distribution channel. Specifically, loans originated through the retail channel (where borrowers are sourced through direct marketing campaigns) increased 144%, year over year, while loans originated through our wholesale channel (where borrowers are sourced via relationships with third-party business loan brokers) increased 37%, year over year.
“The tremendous growth we have seen in the level of loan originations speaks to the success of IOU Financial as a preferred alternative lender and our ability to leverage our proprietary platform to execute quickly on new lending opportunities,” said IOU Financial CEO Phil Marleau. “Our mission is to fuel the growth of small business. We continue to succeed at that mission as more and more merchants are turning to IOU Financial for their working capital needs,” continued Mr.Marleau.