Nowlake Technology, LLC, the fintech parent company of Westlake Technology Holdings and Nowcom Corporation, announces a $15 million CAD strategic investment with Axis Auto Finance Inc, a fintech lender servicing the Canadian auto finance market.
Nowlake and Axis entered into a share purchase agreement where Nowlake will invest $15 million CAD on a private placement basis. Proceeds of the offering will be used to develop and roll out digital loan origination channels, and general corporate purposes.
“Having Nowlake as a large shareholder and partner signals to the market that Axis is a significant fintech player,” said Todd Hudson, CEO of Axis. “Technology is driving the expansion of our business and we look forward to the roll out of several leading-edge fintech initiatives in the near future,” he added. Nowlake will own 23% of Axis after the closing of the transaction and Ian Anderson, Nowlake’s Group President, will be appointed to the Axis board of directors.
“Our partnership has proven to be mutually beneficial, and we are excited to grow Nowlake’s ownership stake in Axis,” said Ian Anderson. “This is the next logical step to our expansion into Canada.”