Financeit Brings in Fresh Funding After U.S. Launch

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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.

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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.

Alumni News– November 14, 2014

  • Finovate-F-Logo.jpgIntelliResponse acquired by [24]7 for its customer service suite.
  • Another +1 For Host Card Emulation: SimplyTapp Garners $6 Million.
  • Financeit Brings in Fresh Funding After U.S. Launch.
  • Payfone selected as “Best Revenue Creator/Enhancer” for Mobile Network Operators in the 2014 Fierce Innovation: Telecom Edition Awards.
  • InComm & PayPal collaborate to offer digital gift cards.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Financeit ‘s USA-Compliant Platform Helps Businesses Provide Payment Plans to Customers

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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)
FinanceitHomepage_LifeBlog
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
Website: financeit.io
Twitter: @financeit

Alumni News– June 6, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgEverybody into the algos! Quantopian launches open beta program; announces $100 million in trades guided by platform algorithms.
  • CRIF announces acquisition of majority stake in High Mark Credit Information Services.
  • Financeit closes $C35 million renewable purchase facility and a $C5 million warehouse line facility with Pacific & Western Bank of Canada.
  • Wealthfront reaches more than $1 billion assets under management.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Financeit Unveils New Loan Application Design and Features

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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
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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.

FinanceIt’s New Printed Materials Service Keeps Shoppers Informed of Financing Options at the Point of Sale

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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 

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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.

Finovate Alumni News–February 3, 2014

  • Thumbnail image for Finovate-F-Logo.jpgMonitise acquires Pozitron in all share deal worth $100 million.
  • TSYS announces two new board members: William M. Isaac and Connie D. McDaniel.
  • Washington Post features HelloWallet’s principal scientist.
  • Spend Matters interviews Taulia’s Chief Product Officer.
  • Arctic Startup: Holvi lets startups compare their finances to Apple’s first year.
  • FinanceIt’s Casper Wong nominated for Inc Magazine’s 30 Under 30.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News– January 6, 2014

  • Thumbnail image for Finovate-F-Logo.jpgChecking in with FlexScore is top of the list in this Forbes column on financial planning for those turning 50 this year.
  • Mint, Personal Capital, SavedPlus, and LearnVest earn spots on Fox Business’ list of “5 apps to help keep your 2014 financial goals.”
  • CodeSumBlog names BillGuard as its top financial management productivity app.
  • MasterCard completes acquisition of Provus, Turkey’s leading independent payments processor.
  • Google announces that customers can now activate their Google Wallet card via the mobile app.
  • CurrencyFair highlighted in New York Times column on Ireland’s tech start-up scene.
  • The Financial Post covers FinanceIt’s POS financing solution.
  • Expensify revamps UI and adds executive assistant permissions with new “Wingman” feature.
  • Forbes lists LearnVest, Personal Capital and BillGuard as apps for saving money.
  • Xconomy lists Jemstep and Personal Capital as two new online services to put you back in command of your 401(k).
  • TIO Networks acquires Globex Financial Services to add well-known & respected billers to TIO’s business.
  • Signifyd API adds fraud prevention to ecommerce platforms.
  • Saved Plus, Wallaby, FutureAdvisor, Wealthfront, and Level picked for CNN Money’s list of the 15 best financial sites and apps.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni Raise $825 Million in 2013, Up 79%

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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
2012 comparison
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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Quarter 1 — blog post
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


Quarter 2 — blog post
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

Quarter 3 — blog post
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
Quarter 4
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

Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

Finovate Alumni News– December 2, 2013

  • Finovate-F-Logo.jpgPlace2Give partners with GivingTuesday Canada to promote giving this holiday season.
  • PlayMoolah launches WhyMoolah in collaboration with DBS Bank.
  • FinanceIt welcomes Katie Robinson, VP of Strategic Innovation at FIS, and Mark Johnson, former vice chairman of CheckFree to its board.
  • In Xconomy post Yodlee CEO Anil Arora explains how financial apps will make people smarter & more open about money.
  • Temenos announces T24 implementations in three Ghanian FIs.
  • LICUOS featured in International Banker column on supply chain financial management.
  • Oanda announces first upgrade to its recently acquired social trading service, Currensee.
  • Mint, Manilla, Expensify, and SavedPlus listed among MyCurrencyTransfer’s “Top 10 Money-Saving Apps.”
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.