Toronto’s Financeit, a point-of-sale financing provider, has raised $17 million. The investment round was led by he Pritzker Organization and DNS Capital included participation from existing investors.
The flush of capital enabled Financeit to fund the recently announced acquisition of TD Bank Group’s indirect home improvement financing assets, which included the purchase of 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff. The transaction will also lead to Financeit servicing 45,000 existing TD consumer loans.
“This new investment demonstrates the strong confidence of the investment community in our market plans and our unique solution for North America’s expansive point-of-sale financing industry,” says Michael Garrity, CEO of Financeit. “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market.”
Financeit has increased its lending activity in the home improvement industry by almost 200 per cent since 2015.
Since launching in 2011, Financeit has processed more than $1.5 billion in loans in Canada and the United States.