Point-of-sale customer financing solution Financeit expanded its team this week. The Toronto-based company brought on Ian Hanning from Capital One Canada as its new chief financial officer.
Hanning comes to Financeit after having served for five years as Capital One Canada’s CFO; he has 20 years of experience in managing finance teams across the United Kingdom and Canada. Prior to taking the CFO position at Capital One Canada, Hanning held various senior leadership positions within the bank. In a press release Michael Garrity, founder and CEO of Financeit, said that Hanning “will be a great asset to our company as we expand our loan portfolio and grow our business.”
This news comes weeks after Financeit’s acquisition of TD Bank’s indirect home-improvement financing assets, in conjunction with wholesale finance and trust solution provider, Concentra. Through the partnership, 800 merchant dealers will transition to Financeit.
At FinovateFall 2014 Financeit launched in the U.S. in partnership with FIS. Since its founding in 2011, Financeit has received more than $1.5 billion in loan applications from 5,400+ merchant partners. In August 2016, Financeit introduced Financeit Direct, a direct-to-consumer financing platform that allows customers to complete loan applications on their mobile devices. In fall 2015, the company closed on an undisclosed amount of funding from Goldman Sachs, bringing its funding to more than $22 million. Financeit planned to use the funding to add to its merchant partner base, which at the time was at 4,000.