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Since: November 2021

Licensed Lender in CA: 603E394

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NMEF Offers to Purchase IOU Financial

July 25, 2023
Article by:

(Ticker Symbol IOU on the TSX Venture Exchange)

JULY 25, 2023, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lender located in Norwalk, Connecticut, announced today that the following letter was sent yesterday to the Special Committee of the Board of Directors of IOU Financial Inc. (“IOU”). NMEF’s proposed acquisition is at a 27% premium to the price per share agreed to by IOU and a group of inside shareholders representing 46.1% of the issued and outstanding shares of IOU announced on July 14, 2023. “We are offering to all IOU shareholders a far superior price to the value of the Company presented by the inside shareholders that was accepted by the Special Committee in a sweetheart deal for those insiders,” said David C. Lee, Chairman and CEO of NMEF. “Our offer is not subject to any financing contingency nor access to confidential information.”

About NMEF

NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non- bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003 from offices in North Hollywood, CA and Las Vegas, NV. For more information, visit



IOU Financial Reveals 2022 Financials, Is Adapting to Current Macroeconomic Conditions

April 26, 2023
Article by:

iou financialIOU Financial originated $82.7M in funding in Q4 2022, according to the company’s latest financial report. That put them at $275.5M for the year total, a new all-time record for the company. IOU was profitable for the year but by a razor thin margin, eking out a net income of just $38,826.

In an official announcement, IOU disclosed that “During the fourth quarter of 2022 macro-economic factors including inflation and rising interest rates impacted the operating environments of many small businesses and negatively impacted IOU’s collections efforts and servicing revenues. This has led to a write down of specific servicing assets and reduced revenue accrual rates, resulting in a net loss of $(2.7) million on an IFRS basis and $(0.9) million on an adjusted earnings basis for the quarter ended December 31, 2022.”

IOU has already taken decisive action to adapt, the company stated, which has already led to a positive impact on collections but also resulted in sigifnicantly reduced originations in the first quarter of 2023.

“IOU Financial has weathered many storms and always emerged stronger than before,” said Robert Gloer, President and CEO of IOU. “We’ve pivoted to adjust to current macro-economic conditions and remain committed to investing in products and technology designed around the needs of small business owners and our broker network.”

IOU Financial Sets Internal Loan Originations Record for Q3

October 4, 2022
Article by:

IOU FinancialIOU Financial is showing no signs of slowing down. The company announced Q3 loan originations of $74.2M on Tuesday, up from $59.M in Q2. Altogether, IOU has originated $192.7M in 2022 so far.

“IOU’s strong Q3 2022 loan originations and progress towards its strategic goals makes us cautiously optimistic about delivering on the high end of our guidance,” said Robert Gloer, President and CEO, in a statement. “IOU Financial continues to execute on its strategy substantially growing loan originations while investing in technology and product innovation.”

The company has projected total originations of $220M – $260M by year end. That would be significantly higher than the $161.5M originated last year.

IOU Financial Was Profitable in Q1

May 19, 2022
Article by:

IOU FinancialIOU Financial may have originated $59.6M in small business loans in Q1, but the company also managed to do it profitably. Specifically, IOU recorded net earnings of $1.1M in Q1 2022 compared to a $100,000 net loss over the same period the year prior.

“IOU Financial continues to deliver on its promise to stakeholders by growing loan originations and increasing profitability while continuing to invest the scalability of its operations and technology,” said Robert Gloer, President and CEO in a public statement.

IOU’s Q1 revenue totaled $3.9M, earned mostly from servicing and fee revenue that is generated by its marketplace model. $500,000 of it was attributed to referral fee revenue earned by IOU’s direct-to-merchant retail operation called ZING Funding.

IOU Financial Originated $59.6M in Loans in Q1 2022

April 27, 2022
Article by:

iou homepageIOU Financial is experiencing tremendous growth. The small business lender revealed that it originated $59.6M in loans in just the first quarter of 2022. In its quarterly earnings report, it set a target range of $220M to $260M in originations for the whole year of 2022. This would be a massive increase over its loan originations last year when it set a personal record of $161.5M.

Separately, the company is profitable. IOU achieved net earnings of $3.7M on an IFRS basis. It also had $119.5M in loans under management as of year-end 2021.

“The Company attributes a significant portion of its strong growth in loan originations to its successful transition from a balance sheet strategy (under which the Company traditionally funded loans to its balance sheet) to a marketplace strategy under which new loan originations are primarily being sold to institutional purchasers,” IOU said in its official announcement.

“IOU’s marketplace strategy allowed the Company to originate significantly more volume in 2021 than would have previously been possible under the financial limitations of a balance sheet strategy,” said Robert Gloer, President and CEO of IOU. “This has proven to be a win-win that has in turn given us the financial latitude to repurchase approximately $3.7 million in convertible debentures in 2021 and invest in strategic growth initiatives as part of our Post-Pandemic Growth Plan.”

IOU Financial Originated $161.5M in Loans in 2021

March 22, 2022
Article by:

IOU FinancialIOU Financial is coming off of its biggest year ever. The company has revealed total loan originations of $161.5M for 2021, up nearly 100% year-over-year. The figure puts it ahead of rival Funding Circle USA in 2021, according to origination data compiled by deBanked.

In a public statement, IOU President and CEO Robert Gloer said, “The success of IOU’s marketplace strategy announced in 2021 is allowing us to scale up faster than previously possible. We’re proud of the team for breaking new origination records and giving us the extra latitude to further reduce corporate debt.” The latter comment was in reference to the company’s intention to repurchase approximately $1.2 million of its convertible debentures at par.

IOU’s full year 2021 financials are expected to be released next month.

IOU Financial Originates $52.2M in Q3

November 19, 2021
Article by:

iou homepageIOU Financial continued its growth trajectory this past quarter with $52.2M in small business funding originations. It was the company’s biggest month since inception.

“Our successful migration to a marketplace strategy has enabled IOU Financial to capture more volume in Q3 than would have previously been possible,” stated Robert Gloer, President and CEO in an official statement. “This has proven to be a win-win that has in turn given us the financial latitude to invest in growth initiatives and further reduce our corporate debt.”

The company was also profitable in Q3, though the company said this was “due in part to a reversal in its provision for loan losses and recoveries of loans previously written off, as well as a reduction in operating expenses due to the recognition of $1.5 million in employee retention credits.”

IOU’s customers have been in business for an average of 11.5 years and borrow $82,688 on average for a weighted average term of 11.9 months.

For the first 3 quarters of 2021, the company has originated $111.9M.

IOU Financial Inc Surpasses $US 1 Billion in Loan Originations and Establishes All-time Record in Quarterly Loan Originations

November 2, 2021
Article by:

Company celebrates major milestone
in its 12-year history of funding small business growth in North America

Atlanta, November 2, 2021 – IOU FINANCIAL INC. (“IOU” or “the Company”) (TSX-V: IOU), a leading online lender to small businesses (, announced today that it has surpassed US$1B in total loan originations.

“This is a major milestone for all IOU team members, partners and stakeholders,” said Robert Gloer, President and CEO. “In 12 years, the company has grown but our values have not changed: now more than ever we are committed to exceeding the expectations of our broker partners and the small business owners across North America who rely on our funding solutions to drive their growth plans.”

In addition, IOU announced today that its loan originations for the quarter ended September 30, 2021 surpassed all previous records. The company originated over US$52 million in small business loans in Q3, a new high-water mark in the 12-year history of the company, representing a sequential growth of 51.5% vs. Q2 2021, and 183.1% over Q3 2020.

“We are thrilled to surpass pre-pandemic loan origination numbers and start setting new all-time records for IOU Financial,” said Robert Gloer, President and CEO. “We remain cautiously optimistic that the economic recovery will continue despite the lingering potential macroeconomic and public health risks.”

IOU Financial originated its first loan in December 2009 and quickly positioned itself as a trusted alternative to banks by helping small business owners get fast and easy access to funding visa its proprietary IOU360 technology platform. The Company continued funding small businesses throughout the Covid-19 pandemic and has subsequently introduced the industry-first IOU Financial Cash Back Loan and announced an-all-time record in monthly loan originations.

“We faced the challenges of the COVID-19 pandemic with the same entrepreneurial spirit that drove us to launch IOU Financial on the heels of the 2008 financial crisis – and both experiences have reinforced the importance of helping small businesses adapt to new challenges and grow” added Gloer. “Here’s to the next 12 years of small business growth!”

The Company is due to share its Q3 Financial Results in the coming weeks.

About IOU Financial Inc.

IOU Financial Inc. is a wholesale lender that provides quick and easy access to growth capital to small businesses through a network of preferred brokers across the US and Canada. Built on its proprietary IOU360 technology platform that connects underwriters, merchants and brokers in real time, IOU Financial has become a trusted alternative to banks by underwriting over $984 million as of September 20,2021 in loans to fund small business growth since 2009. IOU trades on the TSX Venture Exchange under the symbol IOU (TSXV: IOU), and on the US OTC markets as IOUFF. To learn more about IOU Financial’s corporate history, financial products, or to join our broker network please visit

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Robert Gloer, Chief Executive Officer, 866-217-8564 ext.308
David Kennedy, Chief Financial Officer, 514-789-0694 ext. 278
Carl Brabander, EVP of Strategy, 866-217-8564 ext. 4378

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