Point-of-sale-financing solution Financeit has received an investment from existing shareholder Goldman Sachs.
Following the transaction, Goldman Sachs will become a majority owner in the company. The investment also saw the firm support Financeit with the acquisition of Centah, a SaaS-based workflow and management solution provider.
Launched in 2011, Financeit works with the home improvement, vehicle and retail merchants, helping them to increase close rates and transaction sizes with monthly or bi-monthly payment plans.
Over the years, the Canada-based company has worked with more than 7,000 merchant partners, processing over $1.9bn in loan applications.
Centah operates from a SaaS-based technology platform and call centre infrastructure to provide workflow and management solutions for the home improvement industry.
Financeit CEO and president Michael Garrity said, “With the Centah integration, we will now be able to expand our offerings with a complete solution for the home improvement industry, from lead generation to closing the sale.”
This capital injection comes a year after Financeit pulled in $17m in its funding round led by The Pritzker Organization and DNS Capital. The previous line of equity was used by the company to help finance the its acquisition of TD Bank Group’s indirect improvement financing assets.
Last month, Goldman Sachs led two other investments into FinTech companies. The firm led the undisclosed round into UK-based payment security solution IrisGuard, as well as the $10m Series A into Informatics company Crux.
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