Globalive backs Flexiti's buy of $250 mln TD credit card portfolio

Flexiti Financial, a Toronto-based point-of-sale financing and payment technology company, has acquired the Canadian private label credit card portfolio of TD Financing Services, an affiliate of TD Bank Financial Group. The portfolio is valued at about $250 million. The deal adds a million new credit card customers and 900 new merchant locations to Flexiti's client base. Globalive Capital, the investment firm of Anthony Lacavera, invested $50 million as part of the acquisition's financing and acquired control of the company as a result. Flexiti, founded in 2013 by CEO Peter Kalen, also raised $350 million in credit facilities led by Credit Suisse AG to support the buy and future growth.

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