Financeit

lendingp2p lendingonline loans

STATUS: Acquired/Merged
FOUNDING YEAR: 2007
LOCATION: Canada
Last Update: 17/07/2020

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About

Financeit offers a comprehensive suite of tools and technologies designed to simplify complex sales transactions for businesses and their customers. Our point-of-sale financing platform helps businesses of any size close more sales by offering customers affordable monthly payment options for their next big home improvement, vehicle or retail purchase.For larger enterprise businesses, Financeit delivers an integrated suite of home improvement solutions at scale, including leads and workflow management, live contact agents, financing and promotions, performance assurance and category development.Financeit has partnered with over 8,000 merchants to process more than $5 billion in loan applications and was named Canadian Lenders Association's 2019 Company of the Year in Lending.

MEDICI Analysis

Financeit provides a platform that allows businesses to offer financing to their customers at the point of sale using any device.

Focus

PRODUCTS & SERVICES

Financeit App for Financing

REVENUE MODEL

Company makes money by charging flat fee for each transaction.

MAIN CLIENTS

Consumers

EXISTING PARTNERSHIPS

Financeit has worked with over 7000 merchant partners across Canada(Dec 2017).

Traction

NUMBER OF TRANSACTIONS:

928 M

TRANSACTIONS VALUE:

$500 M

TRANSACTIONS COMMENT:

Financeit claims that it has processed over $1.9 billion in loan applications till Dec 2017.

OTHER INFO:

Financeit’s has acquired Centah Inc., a global SaaS company for serving the home improvement industry by providing extensive workflow and lead management solutions to retailers, and manufacturers which will help them to make their business easier(Dec 2017).

People

BOARD MEMBERS AND ADVISORS

Jim Jones

Michael Garrity

Scott Stiegler

Mark Johnson

Tim Gleeson

Bill Cilluffo

Richard Kostoff

Colin Evans

Donald Wright

John Prato

Andrew Durnford

Laura Adams

Erik De Witte

NUMBER OF EMPLOYEES

201-500

INVESTORS:

BEST Funds

DNS Capital

Fidelity National Information Services

FinSight Ventures

FIS

Goldman Sachs

Goldman Sachs Merchant Banking Division

IA Capital Group

Merchant Banking Division

Michael Garrity

Second City Capital

The Pritzker Organization

TTV Capital

KEY EMPLOYEES:

Michael Garrity(CEO)

Michael Garrity

Paul Sehr

Momentum

FUNDED

YES

TOTAL FUNDING

$45.4 M

DATE OF LAST FUNDING

Oct 2016

SEED & PRIOR FUNDING

$3.4 M

SEED CLOSED ON

May 2007

FUNDING SERIES

SERIES A  · $13 M  · Nov 2013

SERIES B  · $12 M  · Oct 2015

OTHERS  · $17 M · Oct 2016

DEBT FUNDING

$11 M

LISTED

NO

COMMENT

An undisclosed debt financing raised in Nov 2014, Venture fund: $17 M(Oct 2016), and an undisclosed fund raised in Dec 2017.

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