TORONTO, Oct. 21,
2024 /CNW/ - Financeit Canada Inc. ("Financeit" or
the "Company"), a leading provider of point-of-sale financing in
Canada's home improvement,
recreational vehicle, and retail sectors, is pleased to announce
the addition of Goldman Sachs to its Securitization Warehouse,
increasing its capacity by C$200
million to a total of C$700
million. This expanded facility, combined with the Company's
existing loan funding arrangements, provides Financeit with nearly
C$2.5 billion in annual loan
financing capacity, supporting the Company's rapidly growing
consumer loan receivables portfolio and meeting the increasing
demand for flexible home improvement loans from Canadian
consumers.
"We continue to expand our financial product offering and dealer
network with annual loan originations tripling in size over the
last 3 years," said Casper Wong,
Co-Founder and CEO of Financeit. "We are excited to deepen our
long-standing relationship with Goldman Sachs by adding them as a
key lender. This provides the additional capital needed to support
our growth as we continue to scale as Canada's largest non-bank point-of-sale
financing company."
David Yeilding, CFO of Financeit,
added: "We remain committed to optimizing our capital structure,
optimizing our overall cost of funds, and broadening our lender
diversification. We look forward to continuing our relationship
with Goldman Sachs who offers best-in-class capabilities."
About FinanceIt Canada Inc.
FinanceIt Canada Inc. headquartered in Toronto, is a leading provider of
point-of-sale financing solutions for the home improvement,
recreational vehicle, and retail sectors with over C$1.7B in annual loan originations. Founded in
2011, the company offers flexible payment plans to enterprise
businesses, big box retailers, OEMs, and dealer networks,
supporting their projects and purchases. Everyday, more than 12,000
businesses trust Financeit to help over 640,000 customers finance
their projects and purchases with an affordable monthly payment.
With a team of 350+ employees and a nationwide presence,
Financeit's cloud-based technology empowers merchants to increase
close rates and transaction sizes through convenient payment plans
while ensuring a transparent and efficient loan application process
that supports merchant partners. Financeit operates as a subsidiary
of CommunityLend Holdings Inc.
To learn more about Financeit's financing solutions, visit
www.financeit.io.
SOURCE Financeit