Financeit, a Toronto, Canada- and NYC-based point-of-sale financing provider, completed a major recapitalization from existing shareholder Goldman Sachs.
The amount of the deal was not disclosed.
The company intends to use the proceeds to broaden its service offering, through the acquisition of Centah Inc., a global SaaS company with extensive workflow and lead management solutions serving the home improvement Industry.
Centah’s technology platform and call center infrastructure increases Financeit’s overall offering in the marketplace and allows it to provide merchants with an end-to-end solution to increase sales.
Led by Michael Garrity, Chief Executive Officer and President, Financeit is a point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Its cloud-based technology enables merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans.
Launched in 2011, the company’s platform has serviced over 7,000 merchant partners across Canada, processing more than $1.9 billion USD in loan applications.