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Toronto based point-of-sale financing provider Financeit has secured $17m in venture funding led by backers DNS Capital and The Pritzker Organization. Financeit is a free-to-use platform that makes it easy for businesses to offer powerful financing options to their customers from any device. The company provides financing solutions through a safe and secure platform that traditionally were only available to big box retailers.
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 as it continues its rapid growth. "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," says Michael Garrity, Founder and CEO, Financeit. "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." Financeit has increased its lending activity in the home improvement industry by almost 200 per cent since 2015.
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