NextPoint Acquisition Corp. to Acquire Liberty Tax and LoanMe to Create One-Stop Financial Services Destination for Small Businesses
NextPoint | February 23, 2021
NextPoint Acquisition Corp. (TSX: NAC.U) (TSX: NAC.WT.U) ("NextPoint"), a traded on an open market unique reason acquisition organization (SPAC), announced today that it has entered into conclusive agreements to acquire Liberty Tax and LoanMe. The consolidated business, to be named NextPoint Financial Inc., will be driven by industry veterans Brent Turner, as Chief Executive Officer, and Andy Neuberger, as Chairman.
Established in 1997, and with over 1.6 million returns arranged every year, Liberty Tax is the third biggest institutional tax planning specialist organization in the United States, and the second biggest supplier of such administrations in Canada. Liberty Tax's center items incorporate tax groundwork for people and private ventures, and tax-related monetary items, for example, pre-loaded check cards and discount move items. Liberty Tax offers administrations at its roughly 2,700 diversified and possessed areas just as through online arrangements. Liberty Tax is right now possessed by Franchise Group, Inc. (NASDAQ: FRG), an administrator of diversified and franchisable organizations.
Established in 2014, LoanMe is a grounded, tech-empowered, customer and private venture bank that has started over US$2 billion of credits to in excess of 340,000 borrowers. Its present item suite incorporates shopper portion credit contributions of somewhere in the range of US$1,000 and US$20,000, and independent venture and dealer loan advances up to US$100,000.
The mix of Liberty Tax and LoanMe positions NextPoint to turn into a main one-stop monetary administrations superstore objective for credit-tested shoppers and independent ventures, a client segment commonly neglected by customary monetary establishments. The blend of Liberty Tax and LoanMe gives the anchor to a stage which NextPoint expects to grow with a variety of monetary items and administrations. Through expanded monetary network with its client base, NextPoint hopes to fortify and extend its client connections, develop its income sources and drive an incentive to its financial backers.
"We founded NextPoint to build a financial services platform for those that are underserved by traditional financial institutions, and we have executed on that plan. The combination of Liberty Tax and LoanMe, represents the first step, with immediate scale, towards achieving our goal. NextPoint's founders and the leadership teams at both Liberty Tax and LoanMe are equally committed to fulfilling our vision of becoming a one-stop financial services destination for our customers, and I am thrilled to partner with this highly-driven team as we continue to execute on that vision," said Andy Neuberger, Chairman of NextPoint.
"With over 1.6 million combined customers today, our extensive distribution platform will enable us to service main street consumers and small businesses both digitally and through our 2,700 franchised and owned locations across North America. We believe our hard-working customers deserve a personal and frictionless experience when addressing their financial needs, and access to an appropriate suite of financial products and services. NextPoint intends to provide that experience and access to help our customers reach the "nextpoint" in their financial goals. I am tremendously excited, for both our customers and our investors, by the opportunities presented in bringing together these two dynamic companies and management teams," said Brent Turner, who will lead NextPoint as its Chief Executive Officer.
NextPoint Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purposes of effecting, directly or indirectly, a qualifying transaction within a specified period of time.
About Liberty Tax
Founded in 1997, Liberty Tax is a nationwide tax return preparation and related services firm. In 2020, Liberty Tax serviced over 1.6 million customers online and through approximately 2,700 franchised and owned locations across the U.S. and Canada. Liberty Tax is currently owned by Franchise Group, Inc. (NASDAQ: FRG), an operator of franchised and franchisable businesses.
LoanMe is an established tech-enabled consumer and small business lender that has originated over US$2 billion loans on behalf of over 340,000 borrowers since inception.