FlexShopper, Inc. FPAY shares are escalating on Monday after the company reported strong fourth quarter 2024 and holiday season results.
The results reflect the transformation underway due to FlexShopper’s direct-to-consumer (DTC) and business-to-business (B2B) growth strategies.
Total lease application volume increased by 8% year-over-year, while Marketplace marketing costs per new customer decreased by 22% Y/Y.
New customer originations in FlexShopper’s Revolution Loan business grew by 52% Y/Y.
FlexShopper reported record lease originations, with overall originations up 35% and marketplace originations up 42% year-over-year, while maintaining disciplined underwriting.
December 2024 saw a 45% year-over-year increase in new customer applications, with a 34% rise on the flexshopper.com marketplace.
Marketing costs per new customer dropped over 40%, reducing digital marketing spend by 34% while achieving 13% growth in new customers.
Russ Heiser, CEO of FlexShopper, stated he expects fourth-quarter 2024’s significant lease origination growth to contribute to strong financial results in 2025, with continued revenue and profitability growth driven by higher originations.
Price Action: FPAY shares are up 26.7% at $2.065 at the last check Monday.
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