First Creditors Inc. sold all shares of iFinance Canada to Inc. to Quebec-based Iceberg Finance Inc. in a deal that closed on April 4, 2022.

The acquisition doubled Iceberg Finance’s business volume and secured its spot in the top 10 players in Canada's specialty financial services industry, according to a press release.

Headquartered in Toronto, iFinance Canada offers consumer loans for cosmetic and dental procedures, and other small ticket items related to pets and home improvements.

Iceberg Finance Inc. is a FinTech company offering alternative financing solutions in the automotive, insurance products, extended warranties and personal loans sectors.

Stikeman Elliott acted as counsel to First Creditors Inc. with a team that included Timothy McCormick, Alethea Au, Rona Ghanbari, Anabel Hallewell, Jorge Caicedo (Corporate / M&A), Peter Hamilton, Elizabeth Labrie, Andie Lipetz (Banking), Adam Drori, Genevieve Beebe (Tax), Khalfan Khalfan, Mark Firman, Madison Sutherland (Employment / Benefits), Wesley Ng, Sara Shayan (IT / Privacy), Jonathan Auerbach (IP), Christina Catenacci, Beatrice Lorusso, Marco Garcia, Maria Chantzis and Jamie Bockus (clerks / paralegals).

McCarthy Tétrault assisted the shareholders of Iceberg Finance Inc. with a team led by Philippe Leclerc that included Valerie Trudeau, Mireille Trottier, Francois Dupuis, Daanish Pasricha and Marie-Josee Nadeau (Business) and Ana Badour (Financial Services).