iA invests in Fintech lender

By Andrew Rickard | September 07 2016 11:30AM

Photo: Freepik

Industrial Alliance Financial Group (iA) has made an investment in Health Smart Financial Services.

Health Smart is a tech-enabled specialty lender that allows healthcare customers to make monthly payments for services and products that require private, out-of-pocket expenses. The firm announced on September 6 that it had completed a minority growth equity financing which was led by iA Financial Group.

The company currently serves 1500 healthcare providers, to whom it offers instant credit approval and paperless transactions.

"This investment by iA Financial Group provides us with additional growth capital to build our merchant and customer relationships, further invest in our leading technology platform, and grow our balance sheet," says Health Smart president and CEO Wayne Pommen. "We are also excited to bring on board a strong minority equity partner with extensive consumer financial services expertise and relationships."

"Merchants and consumers are increasingly turning to FinTech companies to make financial transactions faster and more convenient," adds Denis Ricard, Executive Vice President at iA Financial Group. "Health Smart is at the forefront of this trend in Canada. We are delighted to partner with them as they continue to capitalize on the opportunity in the point-of-sale financing marketplace."

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