Deal will support further the securitization of Financeit's consumer financing loans
TORONTO, June 8, 2017 /CNW/ - Financeit, a market-leading point-of-sale financing platform, announced that it has signed a significant extension of its credit facility agreement with ClearFlow Commercial Finance Inc. This agreement provides further stability, adds additional capital to Financeit's lending capacity and will support the securing of loans through its new and existing lenders.
ClearFlow, an innovative provider of cash flow to Canadian businesses, will provide an extended revolving credit facility of up to $15 million and a three–year term facility of $20 million to Financeit. As Financeit continues to expand its merchant partner base, the deal will help the company extend its product offerings and fund its loan volume growth even further.
"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," says Michael Garrity, Founder and CEO, Financeit. "We are confident this relationship will continue to be beneficial for both companies."
"We are pleased to extend funding in support of Financeit's continued growth and expansion of its services," said Randy Rutherford, co-Founder and COO, ClearFlow. "Financeit has proven to consistently bring great value to its customers and ClearFlow appreciates our strong business partnership."
Financeit is a market leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Financeit's innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans. The Financeit platform features a fast, transparent application process and has serviced over 6,000 merchant partners across Canada, processing more than $1.9 billion in loan applications.
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 solutions across Project Finance, Working Capital Finance, and Structured Finance facilities.
SOURCE FinanceIt Canada Inc.
For further information: Media inquiries: Amanda Lao, Sr. PR & Communications Manager, 1-888-536-3025 ext. 111, [email protected]; Financial inquiries: Ian Hanning, Chief Financial Officer, [email protected]; ClearFlow inquiries: Randy Rutherford, COO, 416-700-0143, [email protected]