What is FinanceIt?
Founded in 2011 and headquartered in Toronto, Canada, FinanceIt specializes in offering point-of-sale financing services tailored for the home improvement, recreational vehicle, and retail sectors. The company facilitates seamless financing options for consumers at the point of purchase, thereby enabling businesses to increase sales and customer satisfaction. FinanceIt's operational model is designed to integrate smoothly into existing retail environments, providing a crucial financial service that supports both consumers and merchants.
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 IA Capital Group, TTV Capital, and Second City Capital
Debt (2014): $40M led by Pacific & Western Bank of Canada
Private Equity (2016): $17M supported by DNS Capital and The Pritzker Organization
Key Investors in FinanceIt
Pacific & Western Bank of Canada
Pacific & Western Bank of Canada, now operating as VersaBank, is a Canadian Schedule I chartered bank known for its technology-driven, digital approach. It engages in various banking services, including deposit taking and lending, operating through an electronic, branchless model.
IA Capital Group
IA Capital Group is a New York-based private investment firm that focuses on venture and growth capital investments, particularly within the insurtech and fintech sectors, partnering with innovative entrepreneurs.
TTV Capital
TTV Capital is a venture capital firm that invests in fintech businesses serving the financial services sector and consumers, leveraging extensive industry operating expertise to foster growth.
What's next for FinanceIt?
With a history of securing substantial investment rounds, including a notable Series A financing and subsequent private equity and debt facilities, FinanceIt is well-positioned for continued expansion. The recent enterprise-level funding, though undisclosed in amount, signals strong investor confidence and likely supports strategic initiatives such as market penetration, technological advancement, and potential service diversification. The company's focus on key consumer spending sectors suggests a robust strategy for navigating economic cycles and capitalizing on market opportunities.
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