Today, Financeit pulled in a $17 million venture funding round that was led by new investors Pritzker family business interests advised by The Pritzker Organization and DNS Capital. Existing investors also contributed. The new installment boosts the Canada-based company’s total funding to more than $38 million since it was established in 2011.
This comes less than a month after Financeit announced the acquisition of TD Bank Group’s indirect home improvement financing assets. Today’s installment will be used to fund the $339 million transaction, which included the purchase of more than 800 merchant dealer agreements. Once things have settled from the deal, Financeit will be servicing 45,000 existing TD consumer loans.
The secondary purpose of today’s round will be to “support the ongoing needs of the company as it continues its rapid growth.” In a press release, Michael Garrity, founder and CEO of Financeit, said, “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market. We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition.” The company has already increased its lending activity in the home improvement industry by almost 2X since 2015.
Last month, Financeit made headlines when it recruited Ian Hanning, the CFO from Capital One Canada. Earlier this fall the company 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.