Canadian FinTech Everyday People to Buy General Credit Services

Everyday People Financial is acquiring General Credit Services.

The Canada-based FinTech and consumer financing company said in a Friday (Dec. 9) press release that it has entered into a definitive purchase agreement with the shareholders of General Credit Services, which provides accounts receivable (AR) management services, and General Credit.

Everyday People announced in September that the companies had entered into a letter of intent for the then-proposed acquisition.

The firm said in a Sept. 17 press release that the acquisition of General Credit and its digital ecosystem for clients and consumers would enhance Everyday People’s approach to consumer financial services.

“General Credit’s expertise and high standards of performance would bring a best-in-class service to Everyday People serving revenue cycle management needs of enterprise clients,” Everyday People CEO Barret Reykdal said at the time. “In addition, consumers served by General Credit represent many of the everyday people that we help with our credit rebuilding and education programs combined with our specialty consumer products and services.”

Everyday People supplies alternative and specialty credit financing programs, while General Credit provides AR management, collections and bill presentment, and payment management solutions to enterprise clients.

“General Credit represents both sides of the credit equation; serving our clients with receivable management solutions and interacting with people that are often facing financial challenges,” General Credit President and CEO Peter Sorrentino said in the Sept. 17 release. “Combining our people-centric approach with Everyday People’s dedication to serving those that need better access to credit solutions is a logical fit.”

Completion of the acquisition is subject to customary conditions and is anticipated to close on or before Dec. 30, according to the Friday press release.

PYMNTS research has found that companies are exploring how they can adapt their approaches to accelerate payments. In fact, 49% of businesses report that AR technology improved collections, according to the “Next-Gen AP & AR Digitization Report,” a PYMNTS and Transcard collaboration.

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