What is FinanceIt?
Founded in 2011 and headquartered in Toronto, FinanceIt operates as a sophisticated point-of-sale financing provider. The company bridges the gap between merchants and consumers by offering seamless credit solutions at the point of purchase. By focusing on high-velocity sectors such as home improvement and recreational vehicles, FinanceIt has established itself as a critical financial intermediary. Its business model leverages cloud-based technology to streamline the lending process, effectively reducing friction for both retailers and end-users in the Canadian market.
How much funding has FinanceIt raised?
FinanceIt has raised a total of $70M across 3 funding rounds:
Series A
$13M
Debt
$40M
Private Equity
$17M
Series A (2013): $13M with participation from Second City Capital, TTV Capital, and IA Capital
Debt (2014): $40M led by Pacific & Western Bank of Canada
Private Equity (2016): $17M supported by The Pritzker Organization and DNS Capital
Key Investors in FinanceIt
TTV Capital
TTV Capital is a venture firm focused on fintech businesses, leveraging decades of industry expertise to support the growth of financial services innovators.
IA Capital
IA Capital Group is a New York-based private investment firm specializing in venture and growth capital for the insurtech and fintech sectors.
Pacific & Western Bank of Canada
VersaBank is a digital financial institution providing cloud-based, branchless banking solutions through a business-to-business model that emphasizes operational efficiency.
What's next for FinanceIt?
As FinanceIt transitions into its next phase of maturity, the focus remains on deepening its technological moat and expanding its footprint within the North American retail ecosystem. The recent capital injection provides the necessary liquidity to enhance its proprietary lending algorithms and potentially diversify its product offerings. By maintaining strong relationships with its core institutional partners, the company is well-positioned to navigate the evolving fintech landscape, ensuring sustained growth and operational efficiency in an increasingly competitive digital banking environment.
See full FinanceIt company page
