Financeit, the Canadian financial technology company, has seen its business double ever since it acquired home improvement financing assets from TD Bank.
According to a report by Reuters, which cited Financeit Chief Executive Michael Garrity, since it acquired TD’s home improvement financing assets in September, the deal has resulted in 800 more merchant dealers being added to Financeit’s portfolio. As a result, the company will now also consider making more acquisitions. According to Garrity, who founded Financeit, the deal that it made with Concentra, a provider of services to credit unions, has doubled its loan value and revenue.
“Part of our growth plan is to consolidate the industry,” he said in the report. “We’re aiming to build a multibillion-dollar company, focused on something the banks aren’t very good at. Where banks are playing in that space today, we are active buyers in those divisions.”
Garrity noted the company is now even considering an IPO down the road but isn’t focused on that on a day-to-day basis as of yet.
Financeit was founded in 2011 in Toronto and aims to enable businesses to offer hassle-free payment plans, including instant credit checks and interest rates that are competitive. The clients they go after include home improvement companies. There isn’t any paperwork to fill out or long wait times to see if they are approved. Financeit has processed more than $1.5 billion in loans, and to stay on top of the business, it has regulatory compliance checks each quarter and has fraud prevention processes in place to make sure the transactions are valid.
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