LOS ANGELES--(BUSINESS WIRE)--Nowlake Technology, LLC, the fintech parent company of Westlake Technology Holdings and Nowcom Corporation, announces a $15 million CAD strategic investment with Axis Auto Finance Inc, a fintech lender servicing the Canadian auto finance market.
Nowlake and Axis entered into a share purchase agreement where Nowlake will invest $15 million CAD on a private placement basis. Proceeds of the offering will be used to develop and roll out digital loan origination channels, and general corporate purposes.
“Having Nowlake as a large shareholder and partner signals to the market that Axis is a significant fintech player,” said Todd Hudson, CEO of Axis. "Technology is driving the expansion of our business and we look forward to the roll out of several leading-edge fintech initiatives in the near future," he added. Nowlake will own 23% of Axis after the closing of the transaction and Ian Anderson, Nowlake’s Group President, will be appointed to the Axis board of directors.
"Our partnership has proven to be mutually beneficial, and we are excited to grow Nowlake's ownership stake in Axis,” said Ian Anderson. “This is the next logical step to our expansion into Canada.”
Those interested in learning more are invited to contact Westlake directly at 1.888.893.7937 or online at www.westlakefinancial.com.
About Nowlake Technology
Nowlake Technology is the fintech parent company of Nowcom Corporation and Westlake Technology Holdings headquartered in Los Angeles, CA. Nowcom Corporation develops technology solutions for the automotive and financial services sectors, including Westlake Technology Holdings. Westlake Technology Holdings is an auto and finance technology company that provides finance solutions to thousands of automotive dealers throughout the United States, as well as offering auto loan refinancing, secured loans, and personal loans direct to consumer through LoanCenter.com, Westlake also overs third-party servicing for medium to large scale automotive, personal loan, and secured loan portfolios from finance companies, credit unions, and investments companies.
About Axis Auto Finance
Axis Auto Finance is a fintech lender providing alternative used vehicle financing options to roughly 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores. These clients use Axis as a stepping-stone in their credit rebuilding journey and we are proud to be improving the lives of these Canadians. Supported by state-of-the-art, in-house developed risk analytics, Axis continues to be Canada's fastest-growing publicly traded auto-financing company. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/ or email us: ir@axisautofinance.com
