2016 in review
Since bringing on our first merchant partners in 2011, we’ve had many successes and advancements that have led to making this year our biggest ever. As we get ready to toast to the start of 2017, we’re proud to look back on all the exciting work our team has done to fast-track our company into a new era of expansion, innovation and market strength.
In the first quarter, we hit the ground running with the launch of a new pricing structure. In April, we secured a new lender, Concentra Financial, with an annual commitment starting at $100 million. And, in June, we announced a $30 million facility agreement with ClearFlow. These initiatives all added to the expansion of our service offering to our existing merchant network and enabled us to bring over 800 new merchant partners onto our platform.
For some, summer is about taking it easy, but not for us! In August, we took our product innovation to a new level with the launch of Financeit Direct. Mobile, paperless and completely unique to Financeit, this customer self-serve option saves businesses valuable time and gives customers additional privacy and security. It’s a win-win, and at Financeit, we love it when everyone wins!
Great Leaps Forward
When the leaves changed in autumn, so did we, with our company’s most significant move yet. Financeit’s big moment came in September, when we announced our acquisition of TD Bank Group’s indirect home improvement financing assets, in partnership with Concentra. The purchase allowed us to add more merchants and staff to our network, and this news brought our team right under the bright lights– we had media coverage across North America, including live interviews on BNN and Bloomberg TV.
We also celebrated hitting the 100-employee mark, bringing on a new CFO from Capital One, securing new investments for growth and being named to Deloitte’s Fast 50 listing for the first time. All in all, it’s been quite a year!
However, we never lose sight of the fact that our success is your success and none of this would have been possible without our incredible community of employees, investors, Board of Directors, borrowers and of course our amazing network of merchant partners. We believe we’ve built something pretty great here at Financeit, and we’re glad to have you on board.
On behalf of our entire team, we wish you all the best for the holiday season and look forward to working together in 2017. Cheers!
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