BOCA RATON, Fla., Nov. 30, 2016 /PRNewswire/ -- FlexShopper, Inc. (Nasdaq: FPAY, "FlexShopper"), a leading national online lease-to-own ("LTO") retailer and LTO payment solution provider, today announced record gross lease originations for Black Friday and Cyber Monday. Black Friday lease originations increased 60% while Cyber Monday lease originations increased 79% as compared to the same prior-year periods. Gross lease originations, before cancellations and returns, exceeded 1,000 for both days, a new milestone for the Company.
"We are very pleased with these results, as they signify our accelerated year-to-date pace of growth, both in lease originations and our ecommerce business," said Brad Bernstein, FlexShopper CEO. "We achieved more than 1,200 lease originations on Cyber Monday, a single-day record for FlexShopper, and remain positioned to expand and market our innovative LTO platform to new retail partners and customers. Our unique lease-to-own marketplace, with over 100,000 SKUs from top brands, continues to resonate with consumers and retailers this holiday season."
FlexShopper's recent third quarter was marked by a record revenue growth of 128% from the prior year period and nearly doubling its year-to-date lease originations. The Company's rapid growth is also supported by the $22.0 million equity capital raise in the second quarter from a global institutional investor. Additionally, FlexShopper continued to expand its marketing mix and reach throughout the third quarter, growing awareness and adoption by retailers and consumers alike of its online lease-to-own platform.
In light of these results, FlexShopper has been approved for listing on the Nasdaq Capital Market. Effective at the opening of trading on November 21, 2016, the Company's common stock began trading on the Nasdaq Capital Market under its existing symbol "FPAY."
"The recent Nasdaq uplisting and equity investment will help position our Company to accelerate our strategic plan for increased participation in all of our channels throughout the latter half of the year," continued Bernstein. "As part of this plan, expanding our LTO partnerships and online product offerings will only add to our momentum, as we continue to grow lease originations and further our investments in the fast-growing, mobile-enabled systems channel."
FlexShopper CEO Brad Bernstein and CFO Russ Heiser will be speaking to these positive results and recent uplisting at the KeyBanc Capital Market Consumer Conference on Tuesday, December 6, 2016, at the InterContinental New York Barclay Hotel. The management team will be available for scheduled one-on-one meetings with investors, in order to discuss the Company's rapid rise and innovative model. A related investor presentation will be posted to the Company's website, www.flexshopper.com, on the morning of Tuesday, December 6.
FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. (Nasdaq: FPAY), is a financial and technology company that provides brand name electronics, home furnishings and other durable goods to consumers on a lease-to-own (LTO) basis through its ecommerce marketplace (www.FlexShopper.com) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-retailers to facilitate transactions with consumers that want to acquire their products, but do not have sufficient cash or credit. FlexShopper approves consumers utilizing its proprietary consumer screening model, collects from consumers under an LTO contract and funds the LTO transactions by paying merchants for the goods. Follow us on Facebook or Twitter @FlexShopper.
Bob Burton, Managing Director
Lambert, Edwards & Associates
Amanda Passage, Director
Lambert, Edwards & Associates