Toronto’s Financeit announced today a new strategic funding collaboration with Concentra, a leading provider of wholesale finance and trust solutions to Canada’s credit unions.
Financeit is a cloud-based point-of-sale financing platform.
The collaboration, initially worth $100 million, will represent a significant expansion of Financeit’s lender community and provides Concentra with a launching pad to diversify wholesale solution offerings to credit unions.
“The collaboration with Concentra further demonstrates our commitment to give our merchant partners the capital they need to offer flexible monthly payment plans to customers across Canada,” says Michael Garrity, Founder and CEO, Financeit.
“The ability to introduce lending capital to credit unions in Canada will serve to advance sales for business on our platform dedicated to home improvement, retail and vehicle sales.”
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The initial $100 million relationship allows Financeit to fuel a national growth strategy with increased origination capacity and access to the credit union system.
In turn, Concentra aims to provide credit unions with strategic investment opportunities over the coming months that align with their need to diversify and improve margins.
According to today’s announcement, Financeit and Concentra anticipate a long-term collaboration expected to result in business opportunities to strengthen competitive advantage for both companies and their partners.