Attracting a financial institution of RBC’s pedigree not only showcases the size and scale of our POS lending business but it shows our resiliency and diversity as a business
Today, Financeit, Canada’s leading point-of-sale (“POS”) financing provider, is expanding their existing funding relationships, and solidifying themselves as industry leaders by entering into a new strategic consumer lending agreement with the Royal Bank of Canada (“RBC”). This strategic relationship, which will permit strong growth in funded loan volumes, will focus on the origination and financing of their POS consumer loans.
Starting later this year, Financeit will work with RBC to support the origination of consumer loans whereby Financeit will continue to offer merchants and customers its easy, full-service solutions. Through this new alliance, RBC is providing capacity to fund $500 million, or more, of originated POS consumer loans.
“We couldn’t be more excited to enter into this strategic relationship with RBC,” says Chris Lynch, Chief Financial Officer of Financeit. “Attracting a financial institution of RBC’s pedigree not only showcases the size and scale of our POS lending business but it shows our resiliency and diversity as a business.”
Financeit recently reached $1 billion in assets under management setting an unprecedented industry growth standard from its start less than 10 years ago.
BMO Capital Markets acted as financial advisor to Financeit while McCarthy Tétrault LLP acted as legal counsel to the company.
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 9,000 merchant partners across Canada, with over $1 billion in assets under management.