Deal will support the securitization of Financeit’s consumer financing loans

Financeit, a market-leading point-of-sale financing platform, announced that it has signed a significant credit facility agreement with ClearFlow Commercial Finance Inc. This agreement will add additional capital to Financeit’s lending capacity and will support the securitization of loans through existing lenders.

ClearFlow, an innovative provider of cash flow to Canadian businesses, will provide a revolving credit facility of up to $30 million to Financeit. As Financeit continues to expand its merchant partner base in the home improvement industry, the deal ensures that the company can continue to fund its loan volume upfront without impacting operations.

“We are experiencing rapid growth as an organization, so securing an agreement for additional capital was a logical next step,” says Michael Garrity, Founder and CEO, Financeit. “We are pleased to be working with ClearFlow and are confident this relationship will be beneficial for both companies.”

“We are pleased to support Financeit’s growth and expansion of their services,” says Randy Rutherford, Co-Founder and Director, ClearFlow. “We believe Financeit’s services bring great value to their customers through their digital business model and ClearFlow supports the model through our aligned cloud-based platform.”