PowerBand Solutions (TSXV: PBX) has secured an additional US$2.7 million from Texas-based D&P Holdings Inc as part of the previously announced US$10 million investment by the firm. The additional investment comes as PowerBand prepares to commence vehicle lease originations this month in the US.
The funding injection from D&P will be put towards PowerBand’s leasing platform in the United States, known as MUSA Auto Finance LLC, assisting the company in being able to commence originations this month. Funds will also be put towards the launch of the consumer app being developed by PowerBand, known as Driveaway, which will allow people to access virtual auto auctions to buy and sell used cars from dealers and consumers alike.
The consumer app is intended to offer a wider auction audience to ensure the value of vehicles is recognized, enabling consumers and commercial partners to get the best bang for their buck while eliminating transport fees to physical lots.
The commencement of lease originations in the US completes PowerBand’s more than two-year long mission of offering a cloud-based platform to transform how consumers and dealers buy, sell, lease and finance vehicles. The platform removes middleman from the transaction, while offering a cloud-based solution that enables auto transactions to occur from any location from a smartphone or other device.
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PowerBand Solutions last traded at $0.25 on the TSX Venture.
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