Toronto FinTech company wins Canadian Lender of The Year;
finishes 2019 with over $450MM in funded consumer loan volume.
Canadian FinTech point-of-sale (POS) financing leader, Financeit, wrapped up a strong 2019 with the announcement that it had closed the year with $450MM in funded loan volume, over 250 employees and over $60MM in gross revenue.
Financeit has rapidly gained momentum since the 2011 introduction of its POS platform, focused on providing Canadians with Better Commerce for Better Living. Since launch, the company has grown to be the market leader for POS financing in the home improvement industry and has funded over $1.45B in loans through 8,000+ approved merchant partners for over 140,000 Canadians. In 2018, Financeit launched a first-of-its-kind offering with a major national retailer in the form of a POS credit product that converts automatically to a term loan after a six month shopping period.
“What we’re doing is democratizing financing for merchants and consumers,” said Financeit COO & GM of Canada, Casper Wong. “Financeit’s innovative platform provides consumers with fast, friendly and transparent financing so they can make purchases that improve their lives, and businesses with access to a market-leading sales enablement platform that starts with affordable payment plans for their customers. Less than 20% of Canadians have access to traditional lines of credit and if they face an unexpected issue with their home, Financeit is a great option vs. traditional “no-fee” credit cards, as our rates start at 8.99%. Plus some of our merchants have the option to offer 0% financing or deferred payment programs to their customers,” added Wong.
Capping off a year of momentous growth, Financeit finished 2019 by being named Company of the Year in Lending by the Canadian Lenders Association, an organization dedicated to promoting transparency and fostering responsible and ethical lending practices.