Up to $75 million in combined loan purchase and warehouse capacity provided to help Financeit expand its consumer financing program
Financeit, a free platform that enables businesses to offer flexible financing options to their customers, has completed a successful renewal of their lending program with VersaBank, formerly Pacific & Western Bank of Canada (PWB), comprised of a $70 million renewable purchase facility and a $5 million warehouse line facility.
“We are very happy with the performance of this program and plan to double our volume with VersaBank this year,” said Casper Wong, COO and Co-Founder, Financeit. “Their unique branch-less model fits our business very well. We look forward to continuing this partnership for years to come.”
As part of the agreement, VersaBank will be allocating up to $75 million in loan purchase and warehouse capacity for the Toronto-based group to offer point of sale consumer financing through their established network of Canadian businesses.
“We are pleased to renew this $75 million facility for Financeit.” said David Taylor, President and CEO, VersaBank. “We look forward to the continued growth of our partnership with Financeit and are delighted to be assisting small to medium-sized Canadian businesses prosper by empowering Canadian retailers with the ability to offer financing options to their customers.”
With point of sale financing representing a multi-billion dollar market in Canada and the US annually, the industry has traditionally focused largely on big box retailers as well as large vehicle dealers and manufacturers. Financeit changes this dynamic by enabling smaller merchants to offer innovative and compelling customer financing anywhere, anytime. The Financeit model is based on fairness, transparency, and ease-of-use, with no hidden fees or backdated interest charges, and interest rates that are lower than most credit cards. By expanding their facilities with VersaBank, Financeit is able to give merchants even more of the tools they need to compete with larger retailers, particularly in big-ticket sales.
To learn more about Financeit, visit www.financeit.io