IOU Financial Posts 2020 Results
IOU Financial filed their full-year 2020 financial results, boasting a total of $84.9 million in originations. Though at a $3.2 million net loss and decrease of 45% in originations from 2019, IOU representatives attest the firm weathered the worst of the pandemic and has left the other side prepared to take part in fueling “the recovery ahead.”
Shares of IOU are trading at about 8 cents, creating a market cap of just under $10 million. In 2020, Neuberger Berman acquired a significant stake in the company and agreed to purchase up to $150M in loans a year over two years. Founder and CEO Phil Marleau will transition into an advisory role on June 10th, replaced by Robert Gloer, COO.
“Robert and I have worked side-by-side since the Company was founded,” said Marleau. “Together, we underwrote our first small business loan in December 2009 and have since originated nearly US$1 billion in loans. IOU’s resilience and success are a direct result of the team’s considerable efforts over the past decade – a team that Robert and I have built and led. I look forward to continuing our partnership in an advisory capacity and as Director.”Last modified: April 29, 2021
Kevin Travers was a Reporter at deBanked.