Fairstone to manage Best Buy's private label credit card portfolio
MONTREAL, June 15, 2020 /CNW Telbec/ - Fairstone Financial Inc. ("Fairstone"), Canada's leading non-bank provider of responsible lending solutions, and Best Buy Canada Ltd. ("Best Buy"), Canada's largest consumer electronics retailer, announced today an exclusive, long-term partnership to provide in-store and online point-of-sale ("POS") financing to Best Buy customers across Canada.
"We are proud to partner with Best Buy to deliver financing solutions to their customers and helping them stand out in a very competitive industry," said Serges Bériault, Senior Vice President, Indirect Lending at Fairstone. As part of its retail POS financing offering, Fairstone is providing Best Buy with an automated, mobile and digital financing platform enabling customers to be approved for financing in under two minutes.
Fairstone brings over 50 years of experience in retail POS financing with proprietary technology that simplifies the consumer experience. The Company's ability to easily manage large financing volume enable Fairstone to partner with retailers both large and small, across Canada.
Fairstone will assume management of the private label credit card portfolio for Best Buy as of July 1, 2020.
About Fairstone Financial Inc.
Fairstone is Canada's leading non-bank provider of responsible credit solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis. Fairstone, including through its predecessors, has close to a 100-year history of providing Canadians with access to responsible credit. The Company has two key business lines: lending directly to consumers through its branch network and online; and financing consumer retail and car purchases through retailers and dealerships. Headquartered in Montreal, Fairstone is privately held by an investor group led by funds managed by affiliates of J.C. Flowers & Co. LLC and Värde Partners. More at Fairstone.ca.
About Best Buy Canada Ltd.
As a wholly owned subsidiary of Best Buy Co., Inc. (NYSE: BBY), Best Buy Canada Ltd. is one of Canada's largest and most successful omni-channel retailers, operating the Best Buy, Best Buy Mobile and Geek Squad (www.geeksquad.ca) brands. With over 170 Best Buy and Best Buy Mobile stores across Canada, and an expanded assortment of lifestyle products offered through BestBuy.ca, Best Buy is a leader in Total Retail, catering to customers how, when, and where they want to shop. Best Buy Canada is committed to making a positive impact in the community with programs and partnerships that support youth to connect with technology to advance their education. For more information visit BestBuy.ca.
SOURCE Fairstone Financial Inc.