Financeit Raises $17M in Funding
Summary
The company intends to use the capital to fund the recently-announced acquisition of TD Bank Group’s indirect home improvement financing assets, which included the purchase of more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff.After a transition period, the transaction will also lead to Financeit servicing approximately 45,000 existing TD consumer loans.The capital raise, which follows the close of a minority equity financing round led by Goldman Sachs in October 2015, will also support the ongoing needs of the company.Led by Michael Garrity, Founder and CEO, Financeit provides a secure platform that allows businesses to offer financing options to their customers from any device.Since launching in 2011, the company has worked with over 6,000 home improvement, vehicle and retail businesses to process more than $1.5 billion in loans in Canada and the United States.
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