Financeit and Concentra renew $100 million funding facility

financeit

Toronto-based POS financing platform Financeit and Concentra, the wholesale bank and trust company for Canada’s credit unions, have announced the renewal of their $100 million funding facility for 2017.

The renewal comes nearly a year after the two companies announced an initial $100 million funding facility. The facility will give Financeit additional lending capital, enabling the company to continue providing merchant partners with competitive POS lending systems that help them grow their sales. For Concentra, the renewal will strengthen its consumer lending portfolio and allow the company to enhance investment options for credit unions.

“Our funding partnership with Concentra was a very important part of our success in 2016, allowing us to take part in a major acquisition that has considerably expanded our merchant base and increased our funded loan volume,” said Michael Garrity, CEO of Financeit. “The renewal of a major $100 million facility with them for 2017 is another step forward in this meaningful collaboration.”

In September, Financeit and Concentra acquired TD Bank’s indirect home improvement financing assets. Financeit will take over the servicing of these loans and all future POS loans will originate on the Financeit technology platform.

Photo by Financeit.

Madonna Dennis

Madonna Dennis

Madonna Dennis is a staff writer at BetaKit. She’s a fourth-year journalism student interested in healthtech. She’s passionate about tight-knit teams working together, which is why she’s so fascinated by startup culture. Madonna’s hobbies include dragon boating, singing, and hosting a YouTube show about cat news.