Lightspeed Partners with Lender to Help Independent Canadian Retailers Grow

Craig Patterson
Craig Patterson
Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. He's also the Director of Applied Research at the University of Alberta School of Retailing in Edmonton. He has studied the Canadian retail landscape for the past 25 years and he holds Bachelor of Commerce and Bachelor of Laws Degrees. He is also President & CEO of Vancouver-based Retail Insider Media Ltd.

More By Author

Uniqlo Opens Massive Downtown Montreal Flagship as it Enters the Quebec Market [Photos]

The impressive store is the first of several expected for the province as Uniqlo expands further into Canada.

Hudson’s Bay Company Announces Division to Redevelop Real Estate Assets

The real estate arm will transform some stores into mixed-use properties featuring offices, housing, entertainment, and retail space.

Miniso Canada Investors Protest Chinese Parent Company

Local investors claim that the company is acting fraudulently after an alleged settlement with the Canadian division.

Menswear Retailer ‘Ernest’ Unveils New Concept Store in Montreal Following Creditor Protection Filing [Photos]

The retailer's new store concept is a refresh for the retailer which had successfully negotiated store leases following its filing last month.
- Advertisement -


Montreal-based cloud-based point-of-sale platform Lightspeed has partnered with small business online lender OnDeck Canada, for an initiative that will allow Lightspeed users to secure OnDeck loans. 

The new offering will be available to Lightspeed customers both in Canada as well as in the United States, providing up to US $500,000 term loans and US $100,000 lines of credit.

Independent Canadian businesses, particularly those involved in retail, restaurant, and eCommerce, can now acquire OnDeck financing to support their investment in the Lightspeed point of sale solution.

OnDeck loans will also enable Lightspeed clients to take advantage of growth opportunities such as buying inventory, purchasing equipment, and boosting their customer experience. OnDeck has delivered more than US $6 billion dollars in capital to over 60,000 businesses across the United States, Canada, and Australia, and boasts advanced lending technology.

JP Chauvet, President of Lightspeed, said: “Lightspeed is laser focused on improving the competitiveness of independent businesses across North America, and for us this partnership makes perfect sense. In part, it gives us the opportunity to help our clients access our Omnichannel solution which can help improve their customer experience exponentially.”

Gary Fearnall, Country Manager for OnDeck Canada, said: “We are very pleased to be partnering with Lightspeed, an innovative technology company that is enabling businesses to improve their customer experience on all channels. Since 2014, OnDeck Canada has been focused on providing the right operating capital solutions to allow for investments in critical initiatives such as technology and hiring, and this partnership will continue to strengthen our connection to the retail and hospitality industries.”

Lightspeed offers users a powerful cloud-based point of sale system. It’s designed for retailers to sell anywhere – in-store, online or both, with the help of Lightspeed’s omnichannel platform. Lightspeed powers more than 40,000 retailers and manages $15 billion in transactions across 100 countries, said founder and CEO, Dax Dasilva. 

The company was founded in 2005 by Mr. Dasilva, beginning with four employees working out of a Montreal apartment. It now boasts over 500 staff in eight offices around the world. Lightspeed has quickly expanded its offering with a POS for restaurants, an eCommerce platform and an omnichannel selling solution, helping businesses streamline their operations and improve customer service by bringing together inventory, customer management, sales and analytics into a single platform. 

Canadian Retail News From Around The Web: May 15, 2017

 

Partner content. To work with Retail Insider, contact Craig Patterson at craig@retail-insider.com

SUBSCRIBE to Retail Insider's Daily E-News for Free:

* indicates required
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest articles

Brief: Mendocino Shuts All Stores, Okaïdi Canada Files

Other news: Gap closing most mall stores, co-working space replaces Shinola store, Star Bédard rebrands, Nobis gets charitable.

Grocery Supplier Fees Harm Food Manufacturers and Independent Grocers: Expert

Sylvain Charlebois says that a code of practice is required to save the industry, and if nothing is done the consumer will also suffer.

L.L.Bean Continues Canadian Expansion with 1st Toronto Store [Photos]

The iconic US-based retailer is looking to expand into new Canadian markets coast-to-coast.

How Twin Brothers from Western Canada Founded 2 Rapidly-Growing Direct-to-Consumer Home Furnishings Brands

The entrepreneurs discuss building growth, taking risks, and where retail is going at an unprecedented time.

Cadillac Fairview Innovates with Virtual Food Court Experience Platform

The new CF Eats aims to help food vendors in the landlord’s malls grow revenue at a challenging time.