Westlake Technology Holdings and Nowcom Corporation Come Together to Form New Fintech Organization, NowLake Technology, LLC
FOR IMMEDIATE RELEASE (February 16, 2021): Los Angeles, CA – Westlake Technology Holdings and Nowcom Corporation launch fintech company, NowLake Technology, LLC. NowLake was born from the close relationship between the two companies and created to solidify their presence in the fintech space. Their first joint ventures include investments into TurboPass, SoFi, Carsfast, Affirm, Auto Finance in Canada and developing a medical loan program for Covered Care.
“The completion of this merger is part of our larger goal to expand our opportunities in automotive and other fintech spaces like point of sale, medical, secured, and personal loan financing. Here at Westlake, we are thrilled to be working even closer with Nowcom to build a better future for our clients and the communities we serve,” states Ian Anderson, Group President of Westlake Technology Holdings.
Westlake and Nowcom will continue to operate independently from each other in their core business model. Nowcom Corporation develops technology solutions for the automotive and financial services sectors, including Westlake Technology Holdings. Westlake Technology Holdings will continue to provide indirect financing solutions to thousands of automotive dealers throughout the United States, as well as offering auto loan refinancing, secured loans, personal loans, and third-party servicing.
According to Jay Kamdar, President of Nowcom, “We are thrilled about the joining of Westlake and Nowcom to form NowLake Technology, LLC. Together, our scale, complementary strengths, shared mission, and more efficient utilization of resources will propel both companies to new levels of success in the fintech space. I am looking 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 consist of Don Hankey, Chairman of The Hankey Group, and members of Westlake, Nowcom, and Marubeni Corporation.
Don Hankey, Chairman and primary stockholder of all Hankey Group-controlled entities says, “This is truly a historical moment for us—two great companies with aligned values and a deep commitment to making a positive shift in automotive finance, coming together to make a bigger impact in fintech. As NowLake, our clients can expect to see more innovative technology and a wider range of services.”
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $14 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake’s wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.