Axis Auto Finance Inc., a fintech lender servicing the alternative auto finance market, announced its wholly owned subsidiary, Pivotal Capital Corp. has secured a funding facility with a Canadian Schedule 1 Bank. Pivotal is an independent Canadian commercial equipment finance company active across the transportation, construction, manufacturing and food services sectors.

The facility adds to Pivotal's existing funding relationships. Unique in the Canadian marketplace, Pivotal can lend across the credit spectrum with rates from investment grade to sub-prime. The facility highlights include a purchase facility, with capacity of up to $40 million in annual purchases, and a warehouse facility, with a limit of $5 million. The facility will be used to finance and purchase the payment receivables generated from commercial finance contracts.

"This facility represents a turning point for Pivotal, this is the first step in becoming Canada's largest independent equipment finance company. This has been our plan from the beginning, and I am proud to see it evolving," said President Steven Koster.

CEO Todd Hudson added, "This facility takes me back to my roots, I have built this before at Element in 2010 and we at Pivotal will build it again. I have surrounded myself with the best-in-class originations, credit, operations and management teams. The market needed a significant independent presence and we have answered the call."