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.
Backers included TTV Capital, Inter-Atlantic Group, and Second City Capital.
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.
FinSMEs
19/11/2013