Ares Management Boosts Momentum Financial Services Partnership to Enhance Consumer Lending Solutions
- Ares Management expanded its partnership with Momentum Financial Services Group, increasing the secured loan facility to C$657.9 million.
- The investment aims to enhance consumer lending services, supporting Momentum's growth in North America.
- Ares Management's commitment to the partnership strengthens its position in the consumer finance sector.
Ares Management Expands Partnership with Momentum Financial Services Group to Enhance Consumer Lending
Ares Management's recent expansion of its partnership with Momentum Financial Services Group marks a significant development in the consumer lending landscape. The secured loan facility has increased from C$575 million to C$657.9 million, providing Momentum with vital resources to support its growing portfolio of loan receivables. This financial boost allows the company to better serve its North American customers, particularly through its established brands, Money Mart® and The Check Cashing Store®. The renewed facility is not only a testament to Ares Management's confidence in Momentum but also reflects a strategic alignment aimed at addressing the evolving financial needs of consumers in the region.
Peter Kalen, CEO of Momentum, underscores the importance of this partnership, reiterating its role in providing timely access to cash for consumers. By securing additional capital, Momentum can effectively manage existing obligations, including the repayment of its 2023 secured loan, while also positioning itself for further growth in eligible loan receivables. This strategic move is crucial as it enables Momentum to enhance its service offerings and respond proactively to market demands. The ability to adapt to the financial requirements of its clientele is particularly vital as economic conditions fluctuate, and consumer needs evolve.
Felix Zhang, partner at Ares Management, shares an optimistic outlook on the partnership, expressing eagerness to support Momentum’s continued growth in both Canadian and U.S. consumer loans. Ares Management's investment not only strengthens its relationship with Momentum but also reinforces its commitment to the consumer finance sector. With over 360 locations in Canada and 60 in the United States, Momentum Financial Services Group focuses on delivering flexible financial solutions, ensuring that individuals and families have the necessary tools to achieve their financial goals. This partnership is poised to enhance the accessibility and reliability of financial services across North America.
In addition to expanding its loan facility, Momentum Financial Services Group aims to empower customers by providing fast and adaptable financial solutions. The company's dedication to meeting the diverse needs of its communities positions it as a key player in the financial services sector. With decades of industry experience, Momentum is committed to ensuring that consumers have the necessary resources to thrive with confidence and security.
Overall, the expanded partnership between Ares Management and Momentum Financial Services Group represents a notable advancement in the consumer lending market. As both companies work together to enhance financial accessibility, they contribute to the broader goal of empowering individuals and families in achieving their financial aspirations.
