FinTech lender Health Smart Financial Services completes minority equity financing led by iA Financial Group
TORONTO--Health Smart Financial Services, a technology-enabled specialty lender, announced it has completed a minority growth equity financing led by iA Financial Group.
Health Smart's technology platform allows healthcare providers to offer their customers affordable monthly payments for services and products that require private out-of-pocket expense. Health Smart has a rapidly growing base of over 1500 merchant partners who benefit from the company's instant credit approval and paperless transaction capability.
"This investment by iA Financial Group provides us with additional growth capital to build our merchant and customer relationships, further invest in our leading technology platform, and grow our balance sheet," said Wayne Pommen, President & CEO of Health Smart. "We are also excited to bring on board a strong minority equity partner with extensive consumer financial services expertise and relationships."
"Merchants and consumers are increasingly turning to FinTech companies to make financial transactions faster and more convenient," said Denis Ricard, Executive Vice President at iA Financial Group. "Health Smart is at the forefront of this trend in Canada. We are delighted to partner with them as they continue to capitalize on the opportunity in the point-of-sale financing marketplace."
Health Smart Financial Services is a leading Canadian point-of-sale consumer lender focused primarily on the healthcare sector. Using Health Smart's platform, healthcare providers can have their customers approved for affordable monthly payments on-location or online using desktop, tablet, or smartphone interfaces. By partnering with Health Smart, merchants can provide their customers with greater access to services while growing their sales. Health Smart's major segments include dentistry, fertility, audiology, mobility devices, veterinary services, and cosmetic procedures, in addition to selected segments outside the healthcare sector. Health Smart has approved over $170 million in consumer credit since inception.
Founded in 1892, iA Financial Group is Canada's fourth-largest insurance company and among the country's largest financial institutions. Responsible for the administration and management of over $122 billion in assets, iA Financial Group offers a comprehensive range of life and health insurance products, savings and retirement plans, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans as well as a host of other financial products and services.