SAN FRANCISCO, March 17, 2017 /PRNewswire/ -- SmartPay Leasing, a leading provider of mobile device consumer leasing, announced today that it has secured $50 million in senior secured credit from a new financing partner. The agreement also includes a commitment to increase financing to $150 million at the lender's discretion.
"We are pleased that our demonstrated success has led to a significant increase in our capital funding, and the completion of this agreement marks another important step in providing capital for the rapid expansion of SmartPay. We continue to add new retail partners and securing the capital to support our growth is critical to our business," said Ken Pedotto, President of SmartPay.
SmartPay has developed the industry leading SmartPay Plus Program, where SmartPay and mobile carriers partner to provide a package of a phone lease and the prepaid service plan for an attractive monthly payment. SmartPay currently partners with 3 of the 5 largest U.S. mobile retail carriers and as a result has leased more than 500,000 mobile devices since inception. SmartPay is currently available in more than 15,000 retail locations nationally.
For more information about SmartPay and the several payment options it provides retailers, visit SmartPayLease.com.
Based in San Francisco, CA, SmartPay focuses its retail leasing products on the mobile phone industry, serving mobile carriers and retailers with its innovative leasing products. SmartPay was launched in 2012 by the San Francisco-based financial technology start-up Better Finance, and was acquired by CNG Holdings, Inc. in 2015. SmartPay partners with its affiliated company, TEMPOE Leasing, to offer a comprehensive suite of retail finance products nationally. While SmartPay focuses its leasing products exclusively on mobile retailers and carriers, TEMPOE provides retail leasing and financing products to all other types of retailers, including e-com solutions. For more information on TEMPOE Leasing, visit www.TEMPOE.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/smartpay-leasing-completes-50-million-financing-agreement-300425349.html