By Lisa Walls-Hester on Monday 10 October 2016
Canadian fintech firm Financeit announces $US17m investment for its recently announced acquisition of TD Bank Group’s indirect home improvement financing unit.
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.”