Toronto-based financial technology company Financeit has closed a minority equity funding round led by the merchant banking division of Goldman Sachs. The value of the round, and its other backers, were not disclosed. Financeit, a cloud-based point-of-sale financing platform, said the investment gives it growth capital to help put its offering into the hands of more merchants. Since its founding in 2011, the company has signed up more than 4,000 merchant partners and received more than $1 billion in loan applications. Led by CEO and President Michael Garrity, it has received funding from BEST Funds, FinSight Ventures, TTV Capital and other investors.
Financial technology company Financeit closes an equity financing round led by an affiliate of Goldman Sachs
TORONTO, Oct. 23, 2015 /PRNewswire/ – Financeit, a market leading financial technology company offering a cloud-based point-of-sale financing platform, today announced the close of a minority equity financing round led by the Merchant Banking Division of Goldman Sachs (“Goldman Sachs”).
Leveraging the latest mobile and cloud-based technologies, Financeit’s lending platform enables merchants to increase revenue by offering their customers real-time consumer financing through fair and affordable monthly payment options. Financeit’s mobile technology uniquely brings financing to the point-of-sale wherever transactions take place, whether in-store, online or in-field.
“The point-of-sale finance space is in desperate need of better solutions for merchants, and fairer, more transparent financing options for consumers,” said Michael Garrity, Co-founder and CEO of Financeit. “The minority investment made by Goldman Sachs gives us growth capital to put our leading-edge financing platform into the hands of more merchants.”
With the financing in place, Financeit is focused on an accelerated growth strategy across Canada and the US. Since launching in 2011, Financeit has signed up more than 4,000 merchant partners and received more than $1 billion in loan applications.
Financeit® is a free, cloud-based, point-of-sale financing platform. The company makes it easy for businesses to offer their customers affordable payment options from anywhere at anytime and empower them to buy more of what they really want. Financeit is designed with both small to medium sized businesses and their customers in mind. Choosing Financeit means choosing a fair and transparent experience, from application to the close of every loan. For more information, visit www.financeit.io.
About Goldman Sachs Merchant Banking Division
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $140 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in six countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and long-standing relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information, please visit www.gs.com/pia.
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