Iou Financial Inc C.IOU

Primary Symbol: V.IOU

Financial Services

IOU Financial Inc. is a wholesale lender that provides access to growth capital to small businesses through a network of preferred brokers across the United States. The Company has built IOU360 technology platform that connects underwriters, merchants and brokers in real time. Its IOU Financial platform connects to dozens of data sources, aggregating and automatically processing hundreds of data points on a business in seconds. It also operates a commercial lending brokerage business through its wholly owned subsidiary, ZING Funding. The Company sells substantially all loans that it originates to institutional purchasers and retains the right to service those loans on behalf of the purchasers in exchange for servicing fees based on collections. Its customers include medical and dental practices, grocery and retail stores, restaurant and hotel franchisees and e-commerce companies.

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Iou Financial Inc

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Post by Betteryear2on Apr 27, 2022 8:00pm

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IOU FINANCIAL INC. REPORTS FINANCIAL RESULTS

Company highlights strong year over year growth in loan originations, return to profitability on an annual basis, and provides update on Post-Pandemic Growth Plan.

Total loan originations reached US$161.5 million in 2021, representing an increase of more than 90.3% over 2020 and surpassing all previous annual loan origination figures in the history of the Company.
Total loans under management increased 72.5% in 2021 to $119.5 million over 2020 ($69.3 million) driven primarily by an increase of 109.4% in the servicing portfolio over 2020.
Servicing and fee revenue increased 89.8% to $10.1 million in 2021 from $5.3 million in 2020.
Continued to support the future growth in loan originations as evidenced by an increase in adjusted operating expenses of 15.9% to $11.0 million in 2021 compared to $9.5 million in 2020.
Achieved net earnings of $3.7 million on an IFRS basis in the year.

MONTREAL, April 27, 2022 /CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announced today its results for the year ended December 31, 2021.