PowerBand Solutions (TSXV: PBX) announced this morning that it will soon begin offering US consumers and dealerships branded credit cards under the DRIVRZ banner. The offering comes through an agreement with DigniFi, a US-based auto financing company, a leader in its space.
The arrangement will see DRIVRZ branded credit cards offered to consumers and dealers through the PowerBand virtual transaction system, which is in the process as being trademarked under the DRIVRZ brand. Approvals will be managed by DigniFi, whom already has a national presence with over 120,000 customers through more than 5,000 automotive retail and repair centres.
DigniFi to date has leant out more than US$120 million to its clients, enabling them to acquire aftermarket products and services for their vehicle purchases. Examples of this include finance and insurance products, as well as extended warranties, enabling them to more easily acquire the vehicle in which they desire. The credit cards are available for use in dealerships and other retail uses.
“The DRIVRZ credit card will be available to consumers on DRIVRZ — our brand for PowerBand’s virtual transaction platform — to offer quick access to consumer credit finance through a credit card. This will make it easier for consumers to carry out the vehicle purchases they need, all from a smart phone or other digital device.”
Kelly Jennings, CEO of PowerBand Solutions
Financial details of the arrangement were not released.
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PowerBand Solutions last traded at $0.20 on the TSX Venture.
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