Nowlake Has Announced Strategic Investment with AXIS
Oct. 29. 2021
Marubeni Group company Nowlake Technology, LLC (hereinafter, “Nowlake”), the fintech parent company of Westlake Technology Holdings and Nowcom Corporation, has announced a CAD15 million strategic investment in AXIS Auto Finance, Inc (hereinafter “AXIS”) (TSXV: AXIS), a Canadian auto finance company. Nowlake will own 23% of AXIS and become the largest shareholder after the transaction. Ian Anderson, Nowlake Group President, will be appointed to the AXIS board of directors, and Nowlake will enhance AXIS’s data analytics and operation by leveraging Nowlake’s leading-edge fintech.
Marubeni and Nowlake have researched the Canadian market for many years, therefore we are thrilled to announce this strategic step in the Canadian market. This transaction enables AXIS to launch fintech initiatives in the market and brings Nowlake the opportunity to expand its business in Canada. Marubeni will continue to leverage its global network and industry knowledge to accelerate Nowlake’s growth and expand its auto finance business in North America.
|Company Name:||AXIS Auto Finance Inc.|
|Headquarters:||Mississauga, Ontario, Canada|
|CEO and President:||Todd Hudson/ CEO, IIja Troitschanski/ President|
|Business:||Auto financing in Canada|
|Company Name:||Nowlake Technology, LLC|
|Headquarters:||Los Angeles, California, US|
|Founded:||2021 (Westlake 1988, Nowcom 1996)|
|President:||Ian Anderson（Group President）|
|Shareholders:||Founder, Managements and Employees 78%
MAI Holding, LLC (subsidiary wholly owned by Marubeni) 22%
|Business:||Fintech parent company of Westlake Technology Holdings and Nowcom Corporation|