Up to $105 million in combined loan purchase and warehouse capacity provided to help Financeit continue to grow its consumer financing program
Financeit, a point-of-sale consumer financing platform, has completed a successful increase of its renewable purchase facility with Pacific & Western Bank of Canada (PWB), increasing its total lending capacity from $70 million to $100 million.
“The increased capacity of our lending facility with PWB is a vote of confidence in our ability to originate and manage high quality assets for our financial institution partners,” said Casper Wong, COO and co-founder, Financeit. “This lending program lays the foundation for the next iteration of our pricing and credit strategy, which will launch in early 2016.”
Financeit’s free-to-use platform enables small and medium-sized businesses to offer consumers affordable monthly payment options for larger purchases. By expanding its facilities with PWB, Financeit is able to give merchants even more of the tools they need to compete with larger retailers in big-ticket sales.
Point-of-sale financing represents a multi-billion dollar market in Canada and the U.S. annually. The industry has traditionally centered on big box retailers and large vehicle dealers and manufacturers. Financeit changes this dynamic by enabling smaller merchants to offer innovative and compelling consumer financing from any web-enabled device.