FlexShopper, a national online lease-to-own retailer and LTO payment solution provider, has announced record year-over-year lease origination growth in December 2017, with gross lease originations increasing 27.5% to 25,140 from the month last year.
The increase in lease originations coupled with a 3% increase in average order value resulted in a 34% increase in gross lease purchases in December 2017 to $10.2 million year over year.
In the fourth quarter, according to FlexShopper: Gross lease purchases increased 22.5% to $18.9 million. Lease origination growth came despite a 13% decrease in marketing spend versus the year-earlier period, reflecting increased marketing optimization. Lease approval rates increased 27%, also contributing to the company’s lease origination growth.
Brad Bernstein, FlexShopper CEO, said, “We concluded an extremely successful holiday season which is a testament to achievements in all of our departments. A faster, friendlier e-commerce site, enhanced underwriting and digital marketing expansion are some of the factors that contributed to our significant growth during this period. We continue to execute on our strategy of scaling the business, increasing back-end efficiencies, optimizing and expanding marketing, maintaining lease portfolio performance and integrating retailers.”