Company focuses on long-term strategic financial planning and announces US$59.0 Million in Q2 loan originations
ATLANTA, GA, Aug. 8, 2022 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today the addition of Danny O'Keefe to its senior management team as Chief Accounting Officer, effective today.
"We are excited to welcome Danny O'Keefe to the team," said Robert Gloer, President and CEO. "IOU's product transition to a marketplace strategy in 2021 has created new opportunities to enhance our financial forecasting to connect with stakeholders and we are privileged to have Danny on board to bring his extensive experience in bringing transformational financial planning to the table."
Danny brings almost three decades of experience in strategic finance and accounting roles, most recently as Senior VP, Corporate Finance and Treasury with Global Payments Inc. where he led strategic financial planning and capital structure initiatives to maximize efficiency and transparency.
IOU announced its transition from a loan portfolio strategy (funding loans directly to IOU's balance sheet) to a marketplace strategy under which loan originations are primarily sold to institutional purchasers in August 2021. Product innovation is a cornerstone of the Company's Post-Pandemic Growth Plan, for which it was awarded a Silver Stevie® at the American Business Awards®. In the past 12 months the Company has introduced the IOU Financial Cash-Back Loan, 24-Month Term Loan and most recently its Premier PLUS Term Loan for loans of up to US$1.5 million with 36-month terms.
"IOU is committed to providing its stakeholders with robust real-time financial reporting and forecasting tools, and we welcome Danny's experience to the team," added David Kennedy, Chief Financial Officer.
In the second quarter ending June 30, 2022, IOU originated US$59.0 million in loans, which represents an increase of 71.3% over the same period in 2021 (US$34.4 million). For all of 2022, the Company is targeting loan originations in the range of US$220M to US$260M while continuing to invest in growth and scalability.
IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by originating over US$1 billion in loans to fund small business growth since 2009. IOU was named one of the 50 Best Places to Work in Fintech for 2022 by American Banker and trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial's corporate history, financial products, or to join our broker network please visit www.IOUFinancial.com.
Certain information set forth in this news release may contain forward-looking statements. Forward looking statements are statements, other than statements of historical fact, that address or discuss activities, events or developments that IOU expects or anticipates may occur in the future. These forward looking statements can be identified by the use of words and phrases such as "anticipates", "believes", "estimates", "expects", "may", "plans", "projects", "should", "will", "intends", "seeks", "allows", "creates a path for", "puts in a position to" or the negative thereof or other variations thereon. These forward-looking statements are subject to and involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of IOU, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the uncertainty of obtaining additional financing, risks related to the Company's incapacity to execute on its business plan, dependence on third-party service providers, competition, dependence on key personnel, security and confidentiality risk, technological development risk, IT disruptions, maintenance of client relationships, and litigation risk. No assurance can be given that any of the events anticipated by such statements will occur or, if they do occur, what benefit IOU will derive from them. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise. Additional information concerning these and other factors can be found beginning on page 20 under the heading "Risks and Uncertainties" in IOU's management's discussion and analysis dated May 18, 2022, which is available under IOU's profile on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE IOU Financial Inc.