Deal will support the securitization of Financeit's consumer financing loans
TORONTO, June 29, 2016 /CNW/ - Financeit, a market-leading point-of-sale financing platform, announced that it has signed a significant credit facility agreement with ClearFlow Commercial Finance Inc. This agreement will add additional capital to Financeit's lending capacity and will support the securitization of loans through existing lenders.
ClearFlow, an innovative provider of cash flow to Canadian businesses, will provide a revolving credit facility of up to $30 million to Financeit. As Financeit continues to expand its merchant partner base in the home improvement industry, the deal ensures that the company can continue to fund its loan volume upfront without impacting operations.
"We are experiencing rapid growth as an organization, so securing an agreement for additional capital was a logical next step," says Michael Garrity, Founder and CEO, Financeit. "We are pleased to be working with ClearFlow and are confident this relationship will be beneficial for both companies."
"We are pleased to support Financeit's growth and expansion of their services," says Randy Rutherford, Co-Founder and Director, ClearFlow. "We believe Financeit's services bring great value to their customers through their digital business model and ClearFlow supports the model through our aligned cloud-based platform."
Financeit is a free-to-use platform that makes it easy for businesses to offer powerful financing options to their customers from any device. The company provides financing solutions through a safe and secure platform.
The Financeit brand is defined by its commitment to fairness, transparency and ease-of-use, with competitive interest rates and no hidden fees. Since launching in 2011, Financeit has signed up over 4,000 retail, vehicle, home improvement and healthcare businesses that have processed more than $1 billion in loans in Canada and the United States.
ClearFlow Commercial Finance provides working capital solutions through a cloud-based platform that delivers fully digital, efficient, transparent services. The company works with clients who need to fund growth by helping to expand their financial capacity through end-to-end solutions across Project/WIP finance, PO/Receivables finance and Loan Warehousing.
SOURCE FinanceIt Canada Inc.
For further information: Media inquiries: Emily Abrahams, PR & Communications Manager, 1-888-536-3025 ext. 111, [email protected]; Financeit inquiries: Tam Khuu, Chief Financial Officer, 647-503-2920, [email protected]; ClearFlow inquiries: Randy Rutherford, Director, 416-700-0143, [email protected]