Up to $75 million in combined loan purchase and warehouse capacity provided to help Financeit expand its consumer financing program
TORONTO, March 2, 2015 /CNW/ - Financeit (www.financeit.io), a free platform that enables businesses to offer flexible financing options to their customers, has completed a successful renewal of their lending program with Pacific & Western Bank of Canada (PWB), comprised of a $70 million renewable purchase facility and a $5 million warehouse line facility. (www.pwbank.com).
"We are very happy with the performance of this program and plan to double our volume with PWB this year," said Casper Wong, COO and Co-Founder, Financeit. " Their unique branchless model fits our business very well. We look forward to continuing this partnership for years to come."
Financeit has more than 3,800 merchant partners offering loans ranging from $500 to $100,000. As part of the agreement, Pacific & Western Bank will be allocating up to $75 million in loan purchase and warehouse capacity for the Toronto-based group to offer point of sale consumer financing through their established network of Canadian businesses.
"We are pleased to renew this $75 million facility for Financeit." said David Taylor, President and CEO, Pacific & Western Bank of Canada. "We look forward to the continued growth of our partnership with Financeit and are delighted to be assisting small to medium-sized Canadian businesses prosper by empowering Canadian retailers with the ability to offer financing options to their customers."
With point of sale financing representing a multi-billion dollar market in Canada and the US annually, the industry has traditionally focused largely on big box retailers as well as large vehicle dealers and manufacturers. Financeit changes this dynamic by enabling smaller merchants to offer innovative and compelling customer financing anywhere, anytime. The Financeit model is based on fairness, transparency, and ease-of-use, with no hidden fees or backdated interest charges, and interest rates that are lower than most credit cards. By expanding their facilities with Pacific & Western Bank, Financeit is able to give merchants even more of the tools they need to compete with larger retailers, particularly in big-ticket sales.
To learn more about Financeit and receive future updates, visit www.financeit.io
Financeit is a cloud-based platform that makes it easy for businesses to offer powerful financing options to their customers from any device. The company provides financing solutions that traditionally were only available to big box retailers through a safe and secure platform. The Financeit model is based on fairness, transparency, and ease-of-use, with no hidden fees or backdated interest charges, with interest rates lower than most credit cards. Since launching in 2011, Financeit has signed up over 3,800 retail, vehicle, home improvement and healthcare businesses who have processed more than $825 million in loans in Canada and the United States.
About Pacific & Western Bank of Canada
The Bank, a Canadian Schedule I chartered bank, operates using a "branchless model". It raises deposits electronically and invests these deposits in consumer and commercial loans and leases, as well as residential development and commercial mortgages.
The Bank is proud to announce it is celebrating 35 years in business in May, 2015.
Pacific & Western Bank of Canada's Common Shares trade on the Toronto Stock Exchange under the symbol PWB.
SOURCE FinanceIt Canada Inc.
For further information: For media inquiries please contact: Braden Rosner, PR + Communications Manager, Financeit.io, [email protected], (416) 646-2177, ext.128