Toronto-based POS financing platform Financeit has announced the close of a $75 million renewable securitization facility, and a $10 million warehouse facility from a Canadian life insurance company. The company declined to name which Canadian life insurance company.
Financeit said the facilities will help the company execute its growth strategy over the coming year.
“We have a history of managing successful securitization programs, and we’re thrilled to be launching this new partnership,” said Casper Wong, COO of Financeit. “We see this as the natural evolution of our growth and a major milestone. The company is a known leader in this space and we’re proud to be working with them.”
“We see this as the natural evolution of our growth and a major milestone.”
– Michael Garrity
In addition to closing the securitization and warehouse funding facilities, Financeit also announced that it has signed an extension of its credit facility agreement with ClearFlow Commercial Finance.
According to Financeit, ClearFlow, which provides cash flow to Canadian businesses, will provide an extended credit facility of up to $15 million and a three-year term facility of $20 million to the company.
Financeit said the deal will allow the company to extend its product offerings, and add additional capital that Financeit can use to provide loans.
“We have been working closely with ClearFlow for over a year and we are delighted that they are demonstrating their confidence in our business by taking this important step in the evolution of our partnership, to provide us with additional stability and capacity to continue to grow,” said Michael Garrity, founder and CEO of Financeit. “We are confident this relationship will continue to be beneficial for both companies.”
In October 2016, Financeit raised $22 million in equity financing from The Pritzker Organization, and in April of this year, Financeit announced the renewal of its $100 million funding facility with Concentra, a wholesale bank and trust company for Canada’s credit unions.