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.
About IOU Financial Inc.
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.
Forward Looking
Statements
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.
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SOURCE IOU Financial Inc.