Financeit — a POS financing provider for the home improvement, vehicle, and retail industry — has raised an undisclosed investment round from Goldman Sachs, an existing shareholder of the company.
The company told The Globe and Mail that the investment is significantly more than the total $50 million the company previously raised. This investment makes Goldman Sachs a majority owner in the company, and allows Financeit to acquire Concord-based Centah, which provides lead management, workflow, and call centre solutions for the home improvement industry. The acquisition allows Financeit to provide more end-to-end solutions to the merchants it works with.
“Today marks an important milestone for Financeit. The increased support from our existing shareholder, Goldman Sachs, reflects their continued confidence in our leadership team, our business model, our platform and the ability to grow our service,” said Michael Garrity, CEO and president of Financeit. “With the Centah integration, we will now be able to expand our offerings with a complete solution for the Home Improvement industry, from lead generation to closing the sale.”
Since launching in 2011, Financeit has worked with over 7,000 merchant partners, and processed over $1.9 billion USD in loan applications.
“We are delighted to increase our investment in Financeit and help support the company in its development and growth,” said Anthony Arnold, a managing director at Goldman Sachs. “We look forward to Financeit building on its already strong track record as the company positions for continued innovation, expansion and success.”