Wellspring Financial closes $3M private placement
Wellspring Acceptance Corporation, operating as Wellspring Financial, a provider of point-of-sale consumer finance solutions, has raised $3 million by way of brooked equity private placement.
Wildlaw Capital Markets Inc. acted as agent on the financing transaction.
Wellspring Financial is now proceeding to complete a $15 million warehousing facility, as well as a $6 million preferred share offering, to support its consumer finance operations.
Founded in 2013, Wellspring Financial aims to become the leading provider of point-of-sale financing and payment solutions for small, independent businesses across Canada.
“We have built the most innovative consumer financing solution in Canada,” said founder and CEO, Peter Kalen. “We look forward to helping our partners grow their businesses while making large purchases more affordable for our customers. I’d like to thank my dedicated team, all of our professional advisors, our Board, our business partners and investors, who have committed their time and money in the shared knowledge that we will be a significant player in this market in Canada.”
Wellspring Financial’s sales financing solution will be available in select Canadian cities later this month.