What do wonders of the world, deadly sins, the Harry Potter series, and Financeit’s funding have in common? They all come in sets of seven (at least for now).
Financeit’s seventh round of funding comes from BEST Funds, which is adding an undisclosed amount to the $21.4 million Financeit has raised since its 2007 launch.
Previous rounds include $13 million in November 2013, along with $8.4 million in angel funding received in five rounds from 2007 to 2012.
The new installment comes a few months after the Toronto-based company launched its point of sale financing solution in the United States. This is no small feat, given the hurdles of complying with U.S. regulations. Financeit plans to use the funds to expand growth in the new market.
Check out the live demo of Financeit’s U.S. launch, along with its partnership with FIS, at FinovateFall 2014.
This post is part of our live coverage of FinovateFall 2014.
Our next presenter is Financeit. In partnership with FIS, Financeit is demoing Financeit USA Launch, making it easy for businesses of any size to boost their sales by offering payment plans to their customers.
Financeit, in partnership with FIS, is announcing the launch of, and showcasing, a USA-compliant platform. Their Finovate demo shows all of the components required to ensure processes are compliant while still providing end users with an amazing product.
Presenting: Michael Garrity (CEO), Katie Robinson (SVP Strategic Innovation), and Paul Sehr (CTO)
Product Launch: September 2014
Metrics: Since launch, Financeit has processed over $700M in loans from more than 3,500 merchant partners. Financeit has raised over $21M in Venture Capital and currently has more than 65 employees.
Product distribution strategy: B2B Marketing, Sales and Partnerships
HQ: Toronto, ON, Canada (USA HQ: New York, NY)
Founded: January 2011
The announcement of Financeit’s new loan application process may not resound with the crescendo of multi-million-dollar fundings. But my guess is that the businesses who rely on Financeit to help them offer financing services to their customers are pretty pleased at the news.
Simplification and a clearer, through-line taking customers from the beginning to the end of the loan application process is the goal of the redesign. Here are the features of the “new Financeit experience”:
- eSignature functionality to sign and submit documents online
- Better notifications in real-time on loan status and other updates
- Improved design provide single-click access to borrower, loan, fee, and commission details
- New technology powers drag and drop document submittal
Financeit specializes in providing businesses with the ability to provide point-of-sale loans to their customers. With interest rates as low as 7.13% APR, Financeit borrowers can finance between $500 and $50,000 for up to 15 years. Based in Toronto, Ontario, Canada, the company has processed more than $650 million in loan applications from more than 3,400 partners.
Founded in 2011, Financeit is led by CEO Michael Garrrity and has raised more than $21 million in funding. The company demoed its technology most recently at FinovateFall 2013
In an era when the Internet of Things is becoming wildly popular, POS financing provider Financeit has opened up a communications channel in the analog world of print.
The Canadian-based company announced today that its users now have the option to order printed materials, such as:
- Brochures detailing Financeit and its benefit to customers
- Price tags that help highlight monthly prices
- Posters and window displays
- Stickers for front window and cash register
These printed materials not only let shoppers know that instant financing is available in the store, but also help to educate them about the merchant’s payment plan options through Financeit.
Users can order these items in the Library section of their account.
Financeit has raised a total of $21 million and demoed at FinovateFall 2013 and FinovateFall 2012.
Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
- 62 companies raised $825 million
- Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million).
- October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
- May was second highest with $91 million raised by 7 companies
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised
$460 million. The chart below shows the quarter-by-quarter comparison for both years.
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More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies
March — $42 million raised by 4 companies
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More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies
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More than $171 million raised by 22 companies
July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
More than $294 million raised by 17 companies
October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies