Up to $40 Million in combined loan purchase and warehouse capacity provided to support Financeit expand consumer financing program
Financeit, which provides a platform that enables businesses to offer consumer financing to their customers from any device, has closed a $35 million renewable purchase facility and a $5 million warehouse line facility with VersaBank, formerly Pacific & Western Bank of Canada.
“Financeit is focused on creating the 3rd payment option so businesses can offer financing in addition to accepting cash and credit. The purpose of this facility is to enhance our existing lending programs to offer our merchant partners the best experience possible,” said Casper Wong, COO and Co-Founder, Financeit. “VersaBank is a great partner for us as we’re aligned on long term growth objectives.”
As part of the agreement, VersaBank will be allocating up to $40 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.
There are more than 19 million small to medium sized businesses in North America (approximately 1.8 million in Canada and 18 million in the US). 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 platform gives these merchants the tools they need to compete with larger retailers – particularly when selling big-ticket items.
“We recognize the significant potential in Financeit’s platform and the relatively untapped point of sale consumer financing market in Canada,” said David Taylor, President & CEO of VersaBank. “We look forward to empowering retailers across Canada to offer financing options to their customers.”
To find out more about Financeit and stay up to date on future updates visit www.financeit.io