TORONTO, Oct. 21, 2024 /CNW/ – Financeit Canada Inc. (“Financeit” or the “Company”), a leading provider of point-of-sale financing in Canada’s home improvement, recreational vehicle, and retail sectors, is pleased to announce the addition of Goldman Sachs to its Securitization Warehouse, increasing its capacity by C$200 million to a total of C$700 million. This expanded facility, combined with the Company’s existing loan funding arrangements, provides Financeit with nearly C$2.5 billion in annual loan financing capacity, supporting the Company’s rapidly growing consumer loan receivables portfolio and meeting the increasing demand for flexible home improvement loans from Canadian consumers.
“We continue to expand our financial product offering and dealer network with annual loan originations tripling in size over the last 3 years,” said Casper Wong, Co-Founder and CEO of Financeit. “We are excited to deepen our long-standing relationship with Goldman Sachs by adding them as a key lender. This provides the additional capital needed to support our growth as we continue to scale as Canada’s largest non-bank point-of-sale financing company.”
David Yeilding, CFO of Financeit, added: “We remain committed to optimizing our capital structure, optimizing our overall cost of funds, and broadening our lender diversification. We look forward to continuing our relationship with Goldman Sachs who offers best-in-class capabilities.”
FinanceIt Canada Inc. is a leading provider of point-of-sale financing solutions for the home improvement, recreational vehicle, and retail sectors. Founded in 2011, the company offers flexible payment plans to enterprise businesses, big box retailers, OEMs, and dealer networks, supporting their projects and purchases. Financeit’s cloud-based technology empowers merchants to increase close rates and transaction sizes through convenient payment plans while ensuring a transparent and efficient loan application process that supports merchant partners across Canada. Financeit operates as a subsidiary of CommunityLend Holdings Inc. For more information, visit www.financeit.io.
SOURCE Financeit