Cincinnati based no credit required consumer lender Tempoe has received $150m in senior secured credit from an undisclosed investor. TEMPOE, formerly WhyNotLeaseIt, is a leading provider of consumer leasing products that facilitates retail shopping.
"Capital is critical for any business, but it is particularly important for us to be able to grow our footprint among retailers, explore new markets and make strategic acquisitions," said David Davis, CEO of CNG Holdings, TEMPOE's parent company. "We believe this puts us in a great position for continued success as the number of underserved consumers grows." The financing will allow TEMPOE to continue to grow both the number of retailers it serves and consumers who turn to the company for innovative lease products. TEMPOE recently issued its one-millionth lease, and has seen an average of 300-percent annual growth since it was founded in 2009. The terms of the facility will also allow TEMPOE to make a significant investment in the online shopping space. TEMPOE provides consumers with an affordable alternative for possessing durable consumer goods such as furniture.