Heritage Global Inc. Completes Buy Now Pay Later (BNPL) Debt Sales
SAN DIEGO – (COMMERCIAL THREAD) – Heritage Global Inc. (Nasdaq: HGBL) (“Heritage Global”, “HGI” or “the Company”), an asset services firm specializing in financial and industrial asset transactions, announced today hui that its financial asset sales division, National Loan Exchange (NLEX) successfully completed the sale of a $ 25 million portfolio of BNPL written off accounts.
According to Dave Ludwig, President of Heritage Financial Assets, “We believe BNPL has the potential to achieve sales growth to levels similar to FinTech assets for our NLEX division. The current stay-at-home economy that has resulted from the Covid-19 restrictions has produced increased online shopping activity which has resulted in rapid growth in BNPL sales, and as a result we are seeing an increase in inventory. write-off of these assets in the United States.
“Receivables buyers are already showing a strong interest in this new sector, as evidenced by the large number of qualified bidders who participated in the process of this sale, as well as the final accepted price,” continued Ludwig. “BNPL, which originated in the EU and Australia, quickly became an important buying option for online consumers in the United States, creating increased selling opportunities for merchants. As the volume of BNPL increases, it makes sense to expect a certain amount of radiation to follow. NLEX is competitively positioned to provide an effective and efficient debt selling process between new BNPL issuers and our highly vetted group of buyers. ”
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (NASDAQ: HGBL) is an asset services firm specializing in financial and industrial asset transactions. The company provides a full range of services including market making, acquisitions, divestitures, appraisals and secured loans. Heritage Global is focused on identifying, valuing, acquiring and monetizing the underlying tangible and intangible assets in twenty-eight global sectors. The company acts as an advisor, as well as principal, in acquiring or negotiating turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property and businesses. whole commercials.
This communication includes forward-looking statements based on our current expectations and projections regarding future events. For these statements, the Company claims safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Although the Company believes that the forward-looking statements contained in this communication are accurate, these forward-looking statements represent beliefs of the Company only as of the date of this communication, and there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, including variability in the magnitude and the timing of asset liquidation transactions, the impact of changes in the domestic and global economies of the United States, and sensitivity to interest rates and exchange rates, as well as other factors unrelated to the will of the Company. Unless required by law, we assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. For more details on the factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.