Flexiti Launches its Omni-Channel Point-of-Sale Financing Solution at Michael Hill’s 85 Canadian Stores and at michaellhill.ca, and Agrees to Acquire Existing Michael Hill Card Portfolio
Flexiti Financial Inc. (“Flexiti”), a leading provider of point-of-sale consumer financing solutions for retailers, announced that is has launched its omni-channel customer financing solution at all of Michael Hill International Limited’s (“Michael Hill” or “MHJ”) Canadian stores. In addition, Flexiti and Michael Hill have entered into an agreement for Flexiti to acquire the existing Michael Hill Credit Card portfolio. The transaction is expected to close on or about May 31, 2022.
“We look forward to enhancing this important relationship with Flexiti, which provides a further growth and productivity lever for our already highly performing Canadian business.”
Michael Hill launched Flexiti’s omni-channel sales financing platform in its 85 Canadian locations in late 2021 and website in early 2022. In-store or online at michaelhill.ca, customers can apply for the Michael Hill FlexitiCard® and instantly make purchases with 0% interest1 financing plans. As a retail member of the Flexiti Network™, existing FlexitiCard holders can also shop with their cards to finance purchases at Michael Hill. In a global first for Michael Hill, Flexiti allows their Canadian customers to apply for long-term credit options online. Michael Hill’s Canadian customers can also access Flexiti’s deferred payment plans in store.
As an extension of this partnership, Flexiti has agreed to acquire Michael Hill’s in-house Canadian credit receivables and existing store accounts for an estimated purchase price of C$11 million, with an effective date of May 31, 2022. Acquired accounts will be converted to Michael Hill FlexitiCard accounts and will be able to access Flexiti’s wide breadth of financing options at Michael Hill and throughout the Flexiti Network.
“We are excited to welcome Michael Hill into the Flexiti Network and to have the opportunity to take on their credit program, which they have successfully managed in-house for many years,” said Peter Kalen, Founder and CEO of Flexiti. “We are honoured that they have trusted us to seamlessly migrate their customers to the Michael Hill FlexitCard, offering those customers more ways to take advantage of financing solutions for their day-to-day lives.”
“This strategic partnership with Flexiti presents a significant opportunity to expand and enhance our Canadian offering, with access to a broader customer base,” said Daniel Bracken, Managing Director and CEO of Michael Hill International Limited. “We look forward to enhancing this important relationship with Flexiti, which provides a further growth and productivity lever for our already highly performing Canadian business.”