FinanceIt Canada, a prominent player in the Canadian point-of-sale financing market for home improvement, recreational vehicles, and retail sectors, has successfully increased its securitization facility to C$500m.
Initially established in September 2023 with CIBC, the facility has now welcomed additional backing through an increase in committed capital from CIBC and the inclusion of Concentra Bank, a wholly owned subsidiary of Equitable Bank, as a new lender.
The enhanced facility, which now totals over C$2bn in financing capacity, is designed to support Financeit’s burgeoning consumer receivables portfolio. This expansion is pivotal in addressing the growing demand for home improvement loans among Canadian consumers, marking a significant step in Financeit’s growth trajectory.
FinanceIt stands as a leading provider of innovative financial solutions, facilitating point-of-sale financing options across various sectors. Since its inception in 2011, Financeit has been pivotal in enabling enterprise businesses, big box retailers, OEMs, and dealer networks to offer flexible payment plans. These plans not only aid in increasing transaction sizes but also improve close rates, leveraging Financeit’s advanced cloud-based technology to ensure a smooth and transparent loan application process for merchants across Canada.
Casper Wong, co-founder and CEO of Financeit, said, “This is an important milestone for Financeit given the incredible growth we have experienced and sets us up for future success as we scale the platform.”
David Yeilding, CFO of Financeit, said, “This expanded securitization structure optimizes our cost of capital and strongly positions the Company to raise financing on the term ABS markets in the near future in support of Financeit’s future growth.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
