Financeit Direct is a new, direct-to-consumer financing platform from Financeit that transforms traditional point-of-sale financing into a mobile-enabled, paperless process that works for small- and medium-sized business.
“Throughout beta testing, merchants described Financeit Direct as a revolutionary tool that can be customized for their work schedules and routines,” Financeit founder and CEO Michael Garrity said. “Consumers love the quick and easy application process and the added privacy and security, along with Financeit’s competitive interest rates.”
(Left to right): COO Casper Wong, CTO Paul Sehr, and CEO and founder Michael Garrity demonstrated Financeit at FinovateFall 2014.
Financeit Direct allows customers to use their mobile devices to complete financing applications by uploading documentation such as a voided check or a pay stub. Customers can review rates and get instant credit decisions via their mobile device as well. Calling Financeit Direct “the first point-of-sale financing platform to take full advantage of the mobile revolution,” Financeit CTO Paul Sehr said the technology was already seeing “huge traction” among beta testers, most of whom have begun to use the platform for financing “big-ticket purchases.”
Founded in 2011, Financeit announced the launch of its U.S.-compliant platform at FinovateFall 2014 and demonstrated the technology in partnership with fellow Finovate alum, FIS. The company has processed more than $1.5 billion in loans from more than 5,000 merchant partners since inception. Financeit is headquartered in Toronto, Ontario, Canada, and has raised more than $21 million in funding. In June, it announced an agreement with ClearFlow for a $30 million credit facility. The company’s COO, Casper Wong, was featured in Notable this spring.