From GlobeNewswire: 2024-12-23 08:30:00

FlexShopper, Inc. reports robust October and November 2024 results, driven by direct-to-consumer and business-to-business growth strategies. Lease gross revenue increased by 15%, net revenue by over 25%, and bad debt expense declined by 600 basis points. New loan originations increased by over 34% compared to the same period last year.

CEO Russ Heiser is optimistic about the positive impact of growth strategies on holiday results. FlexShopper anticipates a record fourth quarter in 2024 and a strong start to 2025. Online originations set a daily record on December 18, 2024, with increased consumer traffic and expanded product offerings on flexshopper.com.

FlexShopper’s profit-focused, dual-channel growth strategy has yielded positive results. From January to November 2024, the company expanded access to over 5,600 retail locations and 12 new eCommerce websites. In the third quarter of 2024, total revenue increased by 23% year-over-year, with net income of $1.2 million.

The financial closing procedures for the full fourth quarter of 2024 are ongoing, and final results may differ. FlexShopper, Inc. (Nasdaq: FPAY) is a leading national financial technology company that provides payment options to consumers through its online marketplace and partner merchants. The company’s solutions cater to a wide range of consumer segments with lease-to-own and lending products.



Read more at GlobeNewswire:: FlexShopper Announces Record Initial Holiday Season