Financeit and Concentra renew $100 million funding facility
Apr 05, 2017, 08:00 ET
TORONTO, April 5, 2017 /CNW/ - Financeit and Concentra announce today, they have renewed their $100 million (CAD) funding facility for 2017. The renewal follows the companies' joint purchase of TD Bank Group's indirect home improvement financing business in September of last year.
"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," says Michael Garrity, CEO, Financeit. "The renewal of a major $100M facility with them for 2017 is another step forward in this meaningful collaboration."
"We're pleased to continue our relationship with Financeit," says Dallas Marce, Executive Vice-President, Wholesale Banking, Concentra. "It aligns with our business strategy to diversify our wholesale business and develop new solutions for credit unions, while building on our expertise as a funder of alternative consumer assets."
The renewed relationship is structured as a win-win for the two partners. For Financeit, the additional lending capital will enable the company to continue to provide merchant partners with innovative and competitive programs that help them grow their sales. For Concentra, the funding facility strengthens its consumer lending portfolio and furthers its mandate to develop enhanced investment options for credit unions.
Financeit and Concentra anticipate the partnership to grow and strengthen the ability of both companies to compete and serve their clients in an evolving market.
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 $1.7 billion in loan applications.
Concentra is the wholesale bank and trust company for Canada's credit unions. We bring national connections to local credit unions, helping to serve nearly 6 million members across Canada. Concentra specializes in lending and investment solutions for credit unions to improve performance, manage risk, and grow member relationships.
SOURCE FinanceIt Canada Inc.
For further information: Financeit Media Contact, Amanda Lao, Sr. PR and Communications Manager, [email protected], 1 888 536 3025 Ext: 111 ; Concentra Media Contact, Laura Herman, Sr., Communications Consultant, [email protected], 1-306-956-7089
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