Flexiti Launches Omnichannel Point-of-Sale Financing Solution at Michael Hill’s 85 Canadian Stores and at michaelhill.ca, and Agrees to Acquire Existing Michael Hill Card Portfolio

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Michael Hill FlexitiCard holders will have access to Flexiti’s online financing and deferred payment options

TORONTO — Flexiti Financial Inc. (“Flexiti”), a leading provider of point-of-sale consumer finance solutions for retailers, today announced the launch of its omnichannel customer finance solution in all Michael Hill International Limited (ASX/NZX: MHJ) stores (“Michael Hill” or “MHJ”) Canadian stores. Additionally, Flexiti and Michael Hill have entered into an agreement for Flexiti to acquire the existing Michael Hill credit card portfolio. The transaction is expected to close on or about May 31, 2022.

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Michael Hill launched Flexiti’s omnichannel sales finance platform in its 85 Canadian locations in late 2021 and on its website in early 2022. In-store or online at michaelhill.ca, customers can request the Michael Hill FlexitiCard® and instantly make purchases with 0% interest1 financing plans. As a retail member of the Flexiti Network™, current FlexitiCard holders can also make purchases with their cards to fund purchases at Michael Hill. In a world first for Michael Hill, Flexiti allows its Canadian customers to apply for long-term credit options online. Canadian Michael Hill customers can also access Flexiti’s deferred payment plans in-store.

As an extension of this partnership, Flexiti has agreed to acquire Michael Hill’s internal Canadian receivables and existing store accounts for an estimated purchase price of C$11 million, with an effective date of 31 May 2022. Acquired accounts will be converted to the Michael Hill FlexitiCard and will be able to access Flexiti’s wide range of financing options at Michael Hill and throughout the Flexiti network.

“We are delighted to welcome Michael Hill to the Flexiti network and to have the opportunity to take over their credit program, which they have successfully operated in-house for many years,” said Peter Kalen, Founder and CEO of Flexiti. “We are honored that they have trusted us to seamlessly migrate their customers to the Michael Hill FlexitCard, giving these customers more ways to take advantage of financing solutions for their everyday lives.”

“This strategic partnership with Flexiti presents a significant opportunity to expand and enhance our Canadian offering, with access to a broader customer base,” said Daniel Bracken, Managing Director and Chief Executive Officer of Michael Hill International Limited. “We look forward to strengthening this important relationship with Flexiti, which provides another lever of growth and productivity for our already very successful Canadian business.

1 OAC terms and conditions apply.

About Flexiti

Flexiti offers flexible financing to help customers make major purchases. Available at a network of over 7,500 leading retailers and e-commerce sites, including The Brick, Wayfair.ca, Sleep Country, Staples and Birks, Flexiti’s award-winning buy now, pay later (BNPL) platform provides customers and merchants with a seamless point-of-sale service. Flexiti users can be instantly approved in-store and online to receive 0% interest financing on purchases within their credit limit without having to reapply. Helping Canadians secure over $1 billion in flexible financing over the past two years, Flexiti is the fastest growing BNPL provider in Canada. In 2021, Flexiti ranked 10and on Deloitte Canada’s Technology Fast 50™, 54and on Deloitte’s North American Technology Fast 500™ and ranked 13and in the Globe and Mail’s “Canada’s Top Growing Companies” list. Flexiti is a wholly owned subsidiary of CURO Group Holdings Corp. (NYSE: CURO). For more information on Flexiti’s service offering and the growth of the Flexiti Network™, visit www.flexiti.com.

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ABOUT MICHAEL HILL INTERNATIONAL LIMITED

Michael Hill International was founded by Sir Michael Hill in 1979 when he opened his first jewelry store in Whangarei, New Zealand. The group currently has 283 stores worldwide in Australia, New Zealand and Canada. The group’s global headquarters, including its wholesale and manufacturing divisions, are located in Brisbane, Australia. The company is listed on the ASX (ASX:MHJ) and the NZX (NZX:MHJ).

(CURO-NWS)

Source: CURO Group Holdings Corp.; Flexiti

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220516005067/en/

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