FlexShopper announces initial holiday season results

FlexShopper (FPAY) announced record initial holiday season financial results, as the Company benefits from the continued success of its direct-to-consumer, DTC, and business-to-business, B2B, growth strategies. For the first two months of the 2024 fourth quarter, compared to the same two-month period in 2023, lease gross revenue increased 15%, and lease net revenue increased over 25%, as bad debt expense, as a percent of gross revenue declined by 600 basis points. As a result, lease gross profit increased 51% for the first two months of the 2024 fourth quarter, while lease marketing expense has declined over 40% for the same period. New loan originations increased over 34% versus the same two-month period last year.