Bastion Management Closes $50 Million Facility with Cashco Financial

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May 02, 2024, 10:13 ET

STAMFORD, Conn., May 2, 2024 /PRNewswire/ -- Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $50 million in Cashco Financial ("Cashco") to refinance an existing senior lender and fund future growth of their Canadian consumer lending portfolio. Stephens served as Exclusive Financial Advisor on the transaction.

Cashco is a leading branch and online-based lender providing underbanked Canadians access to installment and short-term loans as well as ancillary services to help customers track their credit and manage their finances. Cashco, led by a management team and board with decades of experience and industry knowledge, has established 54 branches and an online platform to extend their reach across Canada.

"Propelled by the support and confidence of Bastion and Stephens, Cashco is embarking on an exciting phase of growth. The closure of this debt facility not only facilitates the scaling of our operations but also lays the groundwork for further investment in our people, an inventive product development roadmap, and a relentless focus on technological advancement," said Lindsay Dodd, CEO of Cashco Financial.

Tim Reimink, Co-President of Bastion, added, "We are thrilled about our partnership with Cashco as they continue their mission of providing accessible financial solutions and empowering individuals on their journey towards financial health."

About Bastion Management

Bastion is a private investment firm that provides creative financing solutions to small and midsized businesses operating in the alternative finance space throughout North America and in the UK. Over a decade since its inception, Bastion has closed over 45 transactions and over $1.3bn in total commitments to traditional consumer lending platforms and emerging companies in the financial technology industry. Bastion has a successful track record partnering with companies that have strong management teams and committed equity backing in support of the initial growth stage through to public listing.

About Cashco Financial

Based in Edmonton, Alberta, Canada, Cashco serves a growing number of Canadians who require innovative solutions to address complex and ever-changing financial needs. Cashco provides unsecured consumer installment loans to Canadian consumers through a branch and online-based model. Since 2009, Cashco has originated CAD $1.3 billion of loans and has built a loyal customer base through a high-touch customer-centric approach. Learn more at cashcofinancial.com.

About Stephens

Stephens is the company brand name for a group of financial service firms owned by the Stephens family. The U.S. investment banking arm, Stephens Inc. is headquartered in Little Rock, Arkansas. Founded in 1933, Stephens Inc. provides securities brokerage, investment banking and other financial services to a broad client base which includes corporations, state and local governments, financial institutions, institutional investors and individual investors throughout the United States and overseas. Stephens Inc. (Home Office: 111 Center Street, Little Rock, AR USA, 501-377-2000) is regulated by the Securities and Exchange Commission and the Financial Industry Regulatory Authority. Member SIPC/NYSE. For more information, visit www.stephens.com.

SOURCE Bastion Management