Financeit is a point-of-sale financing provider serving the home improvement, vehicle and retail industries with a cloud-based platform that enables merchants to offer monthly or bi-weekly payment plans. Led by CEO Michael Garrity, the platform has serviced over 7,000 merchant partners across Canada and processed more than $1.9 billion USD in loan applications since its 2011 launch. The company completed a major recapitalization from existing shareholder Goldman Sachs; the amount of the deal was not disclosed. Financeit intends to use the proceeds to broaden its service offering through the acquisition of Centah Inc., a global SaaS provider with workflow and lead management solutions for the home improvement industry. Centah’s technology platform and call center infrastructure will expand Financeit’s marketplace offering and allow it to provide merchants an end-to-end solution to increase sales. Financeit is based in Toronto and New York City. Financeit is a Toronto-based POS financing platform that provides point-of-sale loans. The company announced a $75 million renewable securitization facility and a $10 million warehouse facility to support its lending capacity. Financeit said the new facilities will help execute its growth strategy over the coming year and allow it to extend product offerings. The company also signed an extension of its credit facility agreement with ClearFlow Commercial Finance to provide additional lending capacity. Earlier this year Financeit renewed a $100 million funding facility with Concentra, and in October 2016 it raised $22 million in equity from The Pritzker Organization. Management stated the transactions add stability and capacity to continue growing and offering loans. Financeit provides a secure point-of-sale financing platform that enables businesses to offer financing options from any device. Since launching in 2011, the company has worked with over 6,000 home improvement, vehicle and retail businesses and processed more than $1.5 billion in loans in Canada and the United States. The company is led by founder and CEO Michael Garrity and is based in Toronto, Canada. Financeit raised $US17M ($CAD22m) in equity funding to support growth and ongoing needs. The new capital will fund the recently announced acquisition of TD Bank Group’s indirect home improvement financing assets and related integrations. As part of that transaction, Financeit will transition a number of former TD relationship managers and operational staff and, after a transition period, will service approximately 45,000 existing TD consumer loans. Financeit operates a mobile- and cloud-based point-of-sale financing platform that enables merchants to offer real-time consumer financing through monthly payment options. Led by co-founder and CEO Michael Garrity, the company launched in 2011. Since launching, it has signed up more than 4,000 merchant partners and received more than $1 billion in loan applications. The company closed a minority equity financing round of undisclosed amount. It intends to use the funds to accelerate its growth strategy across Canada and the US. The article does not disclose revenue or profitability figures. Financeit is a Canadian platform that enables businesses to offer consumer financing to their customers from any device. Led by CEO and co‑founder Michael Garrity, the company launched in 2011. Since launching it has signed up over 3,500 retail, vehicle, home improvement and healthcare businesses. Those merchants have processed more than $700 million in loans through the platform. The company intends to use newly secured funds to consolidate growth in Canada and to focus on U.S. expansion. The recent financing comes in the form of debt from BEST Funds.

Total raised

$150M

Funding rounds

9

Latest round

Debt Financing

Latest activity

Jun 2017