ThinkSmart Contracts With Funder For US Expansion

ThinkSmart Contracts With Funder For US Expansion

ThinkSmart Contracts With Funder For US Expansion

ThinkSmart Limited (ASX:TSM) today executed an agreement with a top 20 US banking institution to be the wholesale funder for its expansion in to the United States.

The contract follows last week’s signing of an agreement with Office Depot, Inc. (NYSE:ODP), for ThinkSmart to launch its “RentSmart” rental finance product in the US.

ThinkSmart founder  and CEO, Ned Montarello, said the new funding agreement provides for interest rate and credit risks to be borne by the Bank, consistent with ThinkSmart’s other international funding relationships in Europe and Australia.

“This agreement immediately provides us the platform required for funding customer B2B rental contracts as we move into the pilot phase with Office Depot in the first half of next year,” said Mr Montarello.

ThinkSmart will  initially pilot its product in Office Depot’s stores in Florida before commencing its planned full roll out across the remaining 1,000+ Office Depot stores in the US.

About ThinkSmart ThinkSmart is a leading international financial services company that is focused on the delivery of B2B finance products through the retail environment. The business currently operates with market leading retailers and financial institutions in Europe and Australia where it has built a reputation for processing high volumes of low value business finance transactions both quickly and efficiently

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