Up to $105 million in combined loan purchase and warehouse capacity provided to help Financeit continue to grow its consumer financing program
TORONTO, Dec. 3, 2015 /CNW/ - Financeit, a point-of-sale consumer financing platform, has completed a successful increase of its renewable purchase facility with Pacific & Western Bank of Canada (PWB), increasing its total lending capacity from $70 million to $100 million.
"The increased capacity of our lending facility with PWB is a vote of confidence in our ability to originate and manage high quality assets for our financial institution partners," said Casper Wong, COO and co-founder, Financeit. "This lending program lays the foundation for the next iteration of our pricing and credit strategy, which will launch in early 2016."
Financeit's free-to-use platform enables small and medium-sized businesses to offer consumers affordable monthly payment options for larger purchases. By expanding its facilities with PWB, Financeit is able to give merchants even more of the tools they need to compete with larger retailers in big-ticket sales.
Point-of-sale financing represents a multi-billion dollar market in Canada and the U.S. annually. The industry has traditionally centered on big box retailers and large vehicle dealers and manufacturers. Financeit changes this dynamic by enabling smaller merchants to offer innovative and compelling consumer financing from any web-enabled device.
For more information about Financeit, please visit www.financeit.io.
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 that traditionally were only available to big box retailers through a safe and secure platform. The Financeit brand is defined by its commitment to fairness, transparency and ease-of-use, with no hidden fees or backdated interest, and competitive interest rates. 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 the United States.
About Pacific & Western Bank of Canada
Pacific & Western Bank of Canada (TSX:PWB), a Canadian Schedule I bank, is a branchless financial institution that raises deposits through a network of deposit brokers located across Canada. The Bank invests these deposits in loans, leases, commercial mortgages, residential development mortgages, and debt of corporations. Headquartered in London, Ontario, the Bank was granted its Schedule I license under the Bank Act (Canada) on August 1, 2002, prior to which the Bank had operated as a provincially licensed trust company since 1979.
Image with caption: "Financeit (CNW Group/Financeit)". Image available at: http://photos.newswire.ca/images/download/20151203_C4586_PHOTO_EN_558033.jpg