The expanded credit line includes an accordion feature allowing for an additional C$130 million in liquidity. This capital injection follows a period of robust growth for the Toronto-based lender, which currently operates over 420 storefronts across Canada and the United States. According to CEO Peter Kalen, the deal provides the necessary leverage to scale their loan receivables portfolio and introduce new financial tools to the market.
Felix Zhang, a partner at Ares, noted that the extension reinforces a long-term partnership aimed at supporting Momentum’s cross-border operations. With this backing, the company intends to broaden its suite of services, which currently ranges from personal loans and cheque cashing to currency exchange. The infusion effectively stabilizes Momentum’s balance sheet as it prepares to compete more aggressively in both Canadian and U.S. consumer finance sectors.
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