Toronto, March 31st, 2021— Canaccede Financial Group, the leading purchaser and servicer of consumer distressed and insolvency receivables in Canada, is pleased to announce the recent closing of a $150 million asset-backed securitized credit facility provided by Credit Suisse, one of the world’s leading financial services providers. Canaccede and other Jefferson Capital affiliates are the first purchasers of consumer nonperforming receivables to successfully complete an asset-backed securitization credit facility in North America. The financing will enable Canaccede to continue to expand its Canadian portfolio purchases and greatly improves the breadth, capacity and flexibility offered to its growing client base and provides a substantially lower cost compared to its previous credit structure.
“We are excited to leverage our new financing to help us continue to deliver best-in-class economic value for our clients,” said Bryan Szemenyei, President of Canaccede Financial Group. “As Canada’s leader in defaulted account management and purchasing, the market has come to expect continuous improvement in our ability to offer the strongest asset purchase prices for our customers and the terms of this financing structure allows us to expand our portfolio purchasing in the Canadian market.” he added.
“We are continuously working to enhance the recovery objectives of our clients and the new credit facility will allow us to purchase or service a wider array of consumer receivables at a significantly larger scale,” said David Burton, Chairman of Canaccede Financial Group.
Founded in 2002, Jefferson Capital is a leading purchaser and servicer of consumer charged off and insolvency receivables in the United States, Canada and the United Kingdom. It purchases and services both secured and unsecured consumer charged off and insolvency receivable portfolios for its growing client base that include large financial institutions, auto finance companies, telecommunications and utility service providers, retail installment lenders, and credit card issuers.
About Canaccede Financial Group
Canaccede is a leading full-service partner of purchasing and servicing solutions for financial institutions managing distressed and insolvency receivables in Canada. Founded in 2008, Canaccede works directly with institutions to provide efficient access to capital and improving operational expense structure. Canaccede strives to guide and support customers to repay their obligations easily and affordably. For more information, visit canaccede.com.
For more information about Canaccede Financial Group’s services and to take advantage of a free portfolio evaluation, please contact our Canadian business development team: Mark Daprato 416 520 5944 or Michael Chiu 647 725 6195.