Financeit, Canada’s leading point-of-sale (“POS”) financing provider in the home improvement sector, has reached another funding milestone as they have officially exceeded $2 billion in loan originations.
This milestone stands as proof of the impressive growth the Fintech has seen over the past three years, taking only two years to double its loan originations since the first $1B milestone was reached in 2019.
This achievement follows a number of key partnerships for the leading Canadian FinTech company including notable Canadian financial institutions, the Royal Bank of Canada (RBC) and SLC Management as well as key home improvement manufacturers and networks, Lennox, National Energy Equipment Inc., ClimateCare, Right Time Group of Companies, Carrier Enterprise Canada, and ServiceTitan. These strategic partnerships have led to significant corporate growth and a highly abundant period over the past two years for Financeit and its partners.
This milestone solidifies Financeit’s place as one of Canada’s leading FinTech corporations, while also showcasing the continued growth of the home improvement and FinTech sector in Canada.
“Financeit has shown adaptability and resilience amid a challenging year for business,” says Michael Garrity, CEO, and Co-Founder of Financeit. “While this year has been difficult, it has further validated the need for businesses like ours in the home improvement sector and beyond. We are incredibly proud of our significant corporate growth and the continued trust our team, merchants, partners and customers instill in us.”
The continued growth in the home improvement and FinTech sector has been no surprise,” says Casper Wong, COO, GM, and Co-Founder of Financeit. “Canadians have been forced to spend more time in their homes and thus have turned to create more comfortable, operational spaces. While COVID-19 has been an adjustment for us all, we have continued to remain focused on supporting our partners by providing a POS platform that offers fast, friendly, and transparent financing.”
Financeit is a market-leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Financeit’s innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans. The Financeit platform features a fast, transparent application process and has serviced over 3,000 active merchant partners across Canada, with over $1 billion in assets under management and $2 billion in loan originations.