Financeit Canada Inc. has completed a major investment round by Goldman Sachs, an existing shareholder. Goldman Sachs becomes the majority owner of the company with the closing of the investment.
Goldman Sachs acquired a minority stake in Financeit in October 2015.
Toronto based Financeit is a leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries.
The investment enables Financeit to expand service offering, through the acquisition of Concord, Ontario based Centah Inc., a global SaaS company with extensive workflow and lead management solutions serving the home improvement Industry.
Centah’s market leading technology platform and call center infrastructure increases Financeit’s overall offering in the marketplace and allows Financeit to provide merchants with an end-to-end solution to increase sales.
“Today marks an important milestone for Financeit. The increased support from our existing shareholder, Goldman Sachs, reflects their continued confidence in our leadership team, our business model, our platform and the ability to grow our service,” said Michael Garrity, Chief Executive Officer and President of Financeit. “With the Centah integration, we will now be able to expand our offerings with a complete solution for the home improvement industry, from lead generation to closing the sale.”
“We are delighted to increase our investment in Financeit and help support the company in its development and growth,” said Anthony Arnold, a Managing Director at Goldman Sachs. “We look forward to Financeit building on its already strong track record as the company positions for continued innovation, expansion and success.”
“Centah had been looking for the right partner for quite some time, specifically in the technology space,” said Paul Sorrentino, CEO and President of Centah. “Combining the home improvement solutions offered by both Centah and Financeit will make business easier for big box retailers and manufacturers, and drive growth.”
Since launching in 2011, Financeit has worked with over 7000 merchant partners, and processed over US $1.9 billion in loan applications.
photo credit: Financeit
- Fairfax controlled Boat Rocker Media files for IPO on TSX - February 12, 2021
- DRI Healthcare Trust files for US $400M IPO and con-current private placement - February 10, 2021
- Fairfax controlled Farmers Edge files for $100M IPO on TSX - February 9, 2021