We’re thrilled to announce that we have secured $13 million to help us grow! Over the course of the next year Financeit will be aggressively expanding our sales financing platform into the US.
Point of sale financing represents a $500 billion market in North America annually, yet the industry has traditionally focused largely on big box retailers as well as large vehicle merchants and manufacturers. Financeit changes this dynamic by enabling smaller merchants to offer innovative and compelling customer financing anywhere, anytime. The Financeit platform gives merchants the tools they need to compete with large retailers – particularly when selling big-ticket items.
“This financing round gives us the capital we need to bring Financeit to Main Street merchants in both Canada and the US,” said Garrity.
This group of investors brings strategic relationships that will facilitate Financeit’s expansion into the U.S. market. Investors participating in the round included industry leading financial technology venture investors TTV Capital, Inter-Atlantic Group, and Second City Capital.
The expansion into the US consumer financing market will allow us to bring our point of sale platform to a new audience of businesses – while still focusing our efforts on expanding and improving our product for our loyal Canadian partners.
For more information on our expansion plans, as well as the group of investors behind the Series A funding see our latest press release.