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Financeit Receives New Funding Capacity of $85 Million

Point-of-sale consumer financing company Financeit announced $85 million in new funding capacity this week. The funds are made available to the Canada-based company through a $75 million renewable securitization facility and $10 million warehouse line of credit.

The warehouse line of credit comes from a major Canadian life insurance company. While Financeit declined to name the specific contributor, the company said it is a “major” player in the space. Financeit COO Casper Wong said, “We have a history of managing successful securitization programs, and we’re thrilled to be launching this new partnership.” He added, “We see this as the natural evolution of our growth and a major milestone. The company is a known leader in this space and we’re proud to be working with them.”

Financeit will use the new funds to “execute on its growth strategy.” Since acquiring TD Bank’s home improvement financing assets in September 2016, Financeit has experienced notable growth. The company’s founder Michael Garrity said last December that the deal had “transformed the business” and doubled its loan value and revenue. Because of this success, Garrity went on to state that he is open to considering more acquisitions.

In October 2016, Financeit closed on $17 million in venture funding from the Pritzker Organization and DNS Capital to fund the $339 million purchase of TD Bank’s home improvement financing assets and to fuel the company’s growth. Earlier in 2016, Financeit debuted its direct-to-consumer financing platform, Financeit Direct, which enables consumers to apply for funds via their mobile device. At FinovateFall 2014, Financeit made its U.S. debut in conjunction with FIS.