FinTech leader Financeit continues to demonstrate significant growth and strength in origination channels
TORONTO, March 16, 2021 / CNW / – Today, Financeit, from Canada leading provider of point-of-sale (“POS”) financing, expands its existing financing relationships and consolidates itself as industry leaders by entering into a new strategic consumer loan agreement with Royal Bank of Canada (“RBC”). This strategic relationship, which will allow strong growth in financed loan volumes, will focus on the origination and financing of their POS consumer loans.
From the end of the year, Financeit will work with RBC to support the origination of consumer loans, Financeit will continue to offer merchants and customers its simple and comprehensive solutions. Through this new alliance, RBC offers the ability to fund $ 500 million, or more, of POS consumer loans originated.
“We couldn’t be more excited to forge this strategic relationship with RBC,” said Chris lynch, finance director of Financeit. “Attracting a financial institution of RBC’s pedigree not only shows the size and scale of our point-of-sale lending business, but it also shows our resilience and diversity as a company.
Financeit recently reached $ 1 billion in assets under management setting a standard of growth unprecedented in the industry since its inception less than 10 years ago.
BMO Capital Markets acted as financial advisor to Financeit while McCarthy Tétrault LLP acted as legal advisor to the company.
Financeit is a leading provider of point-of-sale financing serving the home improvement, automotive and retail industries. Financeit’s innovative cloud-based technology makes it easy for merchants to increase closing rates and transaction size with affordable monthly or bi-weekly payment plans. The Financeit platform offers a fast and transparent application process and has served over 9,000 merchant partners across Canada, with over $ 1 billion in assets under management.
For further information: Alexandra Wassell, Pomp & Circumstance, Email: [email protected], Telephone: 416-606-5143