Westlake Technology Holdings and Nowcom Corporation Join Forces to Form New Fintech Organization, NowLake Technology, LLC
LOS ANGELES–(BUSINESS WIRE) – Westlake Technology Holdings and Nowcom Corporation launch fintech company, NowLake Technology, LLC. NowLake was born from the close relationship between the two companies and was created to solidify their presence in the fintech space. Their first joint ventures include investments in TurboPass, SoFi, Carsfast, Affirm, Auto Finance in Canada and the development of a medical loan program for covered care.
“Completing this merger is part of our larger goal to expand our opportunities in the automotive and other fintech fields such as point-of-sale financing, medical financing, secured and personal loans. At Westlake, we are thrilled to be working even more closely with Nowcom to build a better future for our customers and the communities we serve, ”said Ian Anderson, Group President, Westlake Technology Holdings.
Westlake and Nowcom will continue to operate independently of each other in their core business model. Nowcom Corporation develops technology solutions for the automotive and financial services industries, including Westlake Technology Holdings. Westlake Technology Holdings will continue to provide indirect financing solutions to thousands of auto dealerships across the United States, as well as to refinance auto loans, secured loans, personal loans and third party services.
According to Jay Kamdar, President of Nowcom, “We are delighted to join Westlake and Nowcom to form NowLake Technology, LLC. Together, our scale, complementary strengths, shared mission and more efficient use of resources will propel both companies to new levels of fintech success. I look forward to our bright future together. ”
NowLake Technology, LLC will be the parent company of Westlake Technology Holdings and Nowcom Corporation. NowLake’s board of directors will be made up of Don Hankey, chairman of The Hankey Group, and members of Westlake, Nowcom and Marubeni Corporation.
Don Hankey, chairman and principal shareholder of all entities controlled by Hankey Group, said: “This is truly a historic moment for us – two great companies with aligned values and a deep commitment to making a positive turn in auto finance, coming together to make a bigger impact in fintech. As NowLake, our customers can expect to see more innovative technology and a wider range of services. ”
About Westlake Technology Holdings:
Westlake Technology Holdings is an automotive and financials technology company based in Los Angeles, California with approximately $ 12.14 billion in assets under management. Westlake Financial (“Westlake”) is the originator of indirect auto retail contracts through a nationwide network of new and used auto and powersports dealers. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its ALPS (Advanced Lending & Portfolio Services) division, www.WestlakeALPS.com; lines of credit for floor plans are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; auto loans shared through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); potential customers and direct-to-consumer auto loans are offered by Westlake Direct; consumer securities loans are offered through Westlake’s wholly-owned subsidiary, Loan Center, www.loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.
About Nowcom Corporation:
Nowcom Corporation is a technology company that develops technology solutions for the automotive and financial services verticals. Nowcom is one of seven Hankey Group companies ($ 14 billion in assets), based in Los Angeles, California. The Hankey Group enables Nowcom to produce cutting-edge technology, ranging from its flagship product DealerCenter (Dealer Management System) to the development of the first fully automated financial decision engine of its kind at sites like Carzing.com. Nowcom has the right people and resources to bring meaningful technology solutions to life that empower our customers to grow and thrive beyond expectations.