TORONTO, June 17, 2024 /CNW/ – FinanceIt Canada Inc. (“Financeit” or the “Company”), the leading provider of point-of-sale financing in the Canadian home improvement, recreational vehicle, and retail sectors, is pleased to announce that it has increased its securitization facility to C$500 million. The facility was launched in September 2023 with CIBC. The increase to C$500 million was accomplished by an upsize in committed capital by CIBC and adding Concentra Bank, wholly owned subsidiary of Equitable Bank, as a lender to the facility. The facility when combined with the Company’s pre-existing loan funding facilities, provides Financeit with over C$2 billion in financing capacity to fund its rapidly growing consumer receivables portfolio and help meet the increasing demand for home improvement loans from Canadian consumers.
“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.” said Casper Wong, Co-Founder and CEO of Financeit. David Yeilding, CFO of Financeit added: “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.”
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
Samantha Berdini, Senior Account Manager, Category Communications, (647) 238 5256, samantha@categorycomms.com