Financeit, a Toronto, CA-based platform that enables businesses to offer consumer financing to their customers from any device, raised $13m in Series A funding.
The company intends to use the funds for expansion of its sales financing solutions into the U.S in 2014.
Led by Michael Garrity, CEO and co-founder, Financeit provides smaller merchants with a point of sale financing platform that leverages mobile and cloud-based technologies to offer customer financing by simplifying the loan application process. Instead of requiring a shopper to fill out lengthy paperwork to apply for financing, a merchant can use a mobile app in-store or in-field and instantly capture all the needed information by photographing the customer driver’s license with a tablet or smartphone.
Since launching in 2011, the company has signed up over 2,800 retail, vehicle, home improvement and healthcare businesses who have processed more than $500 million in loans.