Financeit has received $17 million in investment led by the Pritzker Organization, DNS Capital along with earlier investors. Financeit also received funding from Goldman Sachs in October 2015. The new funding will be used to acquire TD Bank’s home improvement financing unit. Financeit is a point of sale (POS) finance provider. The acquisition is said to include more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff. The acquisition is expected to lead to Financeit servicing approximately 45,000 current TD consumer loans. Financeit said it had increased its lending activity in the home improvement industry by almost 200% since 2015.
Michael Garrity, founder and CEO of Financeit, described the investment as validation for its POS approach and its expansion plans.
“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. We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition,” stated Garrity.
Financeit launched in 2011 and has worked with over 6,000 home improvement, vehicle and retail businesses to process more than $1.5 billion in loans in Canada and the United States.