Financeit, Concentra buy TD's home improvement financing assets

Financeit Canada Inc has partnered with Concentra in the acquisition of TD Bank Group’s indirect home improvement financing assets. The deal has a book value of about $339 million. As part of the agreement, about 45,000 TD loans were purchased by Concentra and over 800 merchant dealers were assigned to Financeit. Toronto's Financeit, a cloud-based point-of-sale financing platform, said the acquisition is its first since entering the market in 2011. It follows the $100 million strategic partnership struck with Concentra in April. Last year, Financeit secured a minority equity investment led by Goldman Sachs.

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