U.S. consumers will soon find another payment option when shopping in a home improvement store and related retailers. That would be Toronto-based firm Financeit that is throwing its hat into the U.S. POS alternative lending market. Home renovations are typically high ticket sales and require extended payments. Shoppers looking for other ways to pay are now finding more options to complete a purchase. This is why lenders such as Affirm, Klarna, and Splitit have become deal savers for big-ticket merchants. The question becomes: will U.S. retail market grow enough to provide space for Financeit or will they have to fight to take share away from existing players. Stay tuned.
A MarketScreener article further discusses this topic which is excerpted below.
“This is an exciting time for Financeit as we prepare to launch into the U.S. market. Steve and Jonathan will be invaluable in leading a successful launch and accelerating our growth in the market,” says Michael Garrity, Founder and CEO, Financeit. “Their vast lending experience and deep understanding of the point-of-sale industry will allow us to hit the ground running this year.”
“This is a great time to be in the home services lending space. Innovation, fresh thinking, and bold product offerings are needed and Financeit is very focused on filling this space with their innovative solutions,” says Balagna. “I’m excited to bring my prior experience in this industry to assist such a fast-growing and energized team.”
Financeit has been rapidly expanding its reach and product offerings since the closing of an investment round by Goldman Sachs in 2017. The acquisition of Centah Inc., a market leading technology platform and call center infrastructure, has increased Financeit’s overall offering in the marketplace and continues to allow the company to provide merchants with an end-to-end solution to increase sales.
Since launching in 2011, Financeit has attracted over 7,000 merchant partners and has processed over $3.6 billion in loan applications. They were also recently awarded the Deloitte Technology Fast 500, recognizing the world’s top fintech businesses.
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group