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.
- 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.
This post is part of our live coverage of FinovateFall 2013.
demonstrated how its technology provides consumer financing at the point-of-sale:
“FinanceIt iPad App with ID scan instant approvals and borrower facing online application form that merchant Partners can embed anywhere.”
Product Launch: January 2011
Metrics: FinanceIt has over 2,500 merchant partners who have processed over $400M in loan volume since launch. There are currently 40 employees and we have raised $8M. We are closing a $10M to $13M US expansion round this year.
Product distribution strategy: SEO, SEM, Trade Advertising, Partnerships, Sales, Business Development, & PR
HQ: Toronto, ON, Canada
Founded: January 2011
Presenting Michael Garrity (CEO), Casper Wong (COO), and Paul Sehr (CTO)
The full demo video will be available at finovate.com in mid-September.