Financeit grabs $17m to fund TD Bank acquisition

Point-of-sale financing provider Financeit has raised a $17m round of funding led by The Pritzker Organization and DNS Capital.

The capital will be used to finance the firm’s recent acquisition of TD Bank Group’s indirect home improvement financing assets.

Financeit’s platform allows businesses to offer customers financing options and counts more than 6,000 home improvement, retail and vehicle clients.

The firm has processed more than $1.5bn in loans to date and following a transition period will serve 45,000 of TD’s customers.

Financeit founder and CEO Michael Garrity said, “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market.

“We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition.”

The round follows an equity financing round from Goldman Sachs earlier in the month and takes Financeit total funding to just short of $40m.

Copyright © 2016 FINTECH GLOBAL

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