FinovateFall 2012 / CommunityLend
Presenter Profile:
How they describe themselves: CommunityLend has a new model where consumer loans are originated (through Financeit) and serviced on behalf of institutional lenders. The average loan size is $12,000 with a 5-year term and 8 year amortization. The average interest rate is 10.2% and the average credit score is 727.
How they describe their product/innovation: Financeit allows businesses to offer instant, POS financing to their customers from any device. The approval process takes less than 10 seconds and merchants receive their payment by direct deposit. The standard program is free to use plus we provide marketing programs such as deferred payments or 0% financing. We currently serve the home improvement, vehicle, retail and healthcare markets.
Contacts:
Bus. Dev., Press & Sales: Casper Wong, VP Business Development, casper@communitylend.com, (416) 646-2177 x103
Website: www.financeit.ca | www.communitylend.com
Twitter: @communitylend
HQ Location: Toronto, ON, Canada
Company Founded: March 2007
Product Being Demoed: Financeit
Product Launched: January 2011
Metrics: CommunityLend has raised over $9M in financing to-date and currently has 20 employees. Financeit has over 1,200 merchants using the system and has processed over $120M in loans.
- Key Executives
Michael Garrity (CEO), Casper Wong (VP Business Development), Paul Sehr (VP Engineering)
Key Stats
- Key Board Members
Barry Campbell (President, Campbell Strategies), Jim Jones (Former CEO, GMAC Residential Capital), Anthony Novac (CEO/Co-Founder, Spreed)
- Key Advisory Board Members
Bill Cilluffo (President International Business, Capital One), Richard Kostoff (Principal, Templar Investments), Colin Evans (Founder/Managing Partner, Sandwith Ventures)