In 2011, Financeit began providing point-of-sale funding options for small businesses to offer their customers. Today it announced it has raised $13 million to bolster this unique business model.
Investors include:
- TTV Capital
- Inter-Atlantic Group
- Second City Capital
The Toronto-based company, which has almost 3,000 merchants processing more than $500 million in loan applications on its platform in Canada, will use the funds to begin its expansion into the U.S.
At FinovateFall 2013, Financeit launched its platform on the iPad, which enables merchants to capture customer information by photographing the customer’s drivers license using a tablet or smartphone. Check out the demo video here.