Financeit announces $US17m round led by The Pritzker Organization

By Lisa Walls-Hester on 10th October 2016

Alternative Credit

Canadian fintech firm Financeit announces $US17m investment for its recently announced acquisition of TD Bank Group’s indirect home improvement financing unit.

Financeit announces $US17m round led by The Pritzker Organization

Financeit, a leading point-of-sale financing provider, received a new round of equity finance led by Pritzker family business interests advised by The Pritzker Organization, L.L.C. and DNS Capital, LLC as well as existing investors.

This latest raise follows the close of a minority equity financing round led by Goldman Sachs in October 2015.

It enables Financeit to fund its recently-announced acquisition of TD Bank Group’s indirect home improvement financing assets, which includes the purchase of more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff.

Michael Garrity, Founder and CEO of Financeit said “This new investment demonstrates the strong confidence of the investment community in our market plans and our unique solution for North America’s expansive point-of-sale financing industry.

He continued “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.”

Comments

AltFi Amsterdam Summit 2018

AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.

5th November 2018


More like this:

Family office seeds new private credit firm

11th September 2018
Daniel Lanyon

Funding Circle fund's returns slow in August

17th September 2018
Daniel Lanyon

Private debt market grows to record size

7th February 2018
Daniel Lanyon

P2P fund sees best 2018 month of returns

3rd September 2018
Daniel Lanyon