Financeit Gets $17 Million In New Round Of Funding

Financeit, a point-of-sale financing provider, announced on Thursday (Oct. 6) a new round of equity financing led by new investors, including Pritzker family business interests advised by The Pritzker Organization and DNS Capital. The round also included existing investors.

This investment round of $17 million enabled Financeit to fund the recently announced acquisition of TD Bank Group’s indirect home improvement financing assets, which included the purchase of more than 800 merchant dealer agreements and the transition of a number of former TD relationship managers and operational staff. After a transition period, the transaction will also lead to Financeit servicing approximately 45,000 existing TD consumer loans.

The capital raise, which follows the close of a minority equity financing round led by Goldman Sachs in Oct. 2015, will also support the ongoing needs of the company as it continues its growth.

“This new investment demonstrates the strong confidence of the investment community in our market plans and our unique solution for North America’s expansive point-of-sale financing industry,” said Michael Garrity , founder and CEO of Financeit, in a press release. “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.”

Financeit has increased its lending activity in the home improvement industry by almost 200 percent since 2015, the company noted.

In August, Financeit announced it launched Financeit Direct, a direct-to-consumer financing platform. The tool, which the company said is a first-of-its-kind platform, is available 24/7 from any location on any device. The move is building on Financeit’s reputation as a leading FinTech innovator, the company said. According to the company, while point-of-sale financing has traditionally been a complicated and paperwork-heavy process only available to large merchants, Financeit Direct is mobile-enabled and fully paperless. It takes the burden of processing applications off of the merchants, making the process so simple that companies of any size can easily offer financing and still have time to focus on their core business offerings.