Venture-backed Financeit secures $40 mln in new facilities
Financeit Inc has closed a $35 million renewable purchase facility and a $5 million warehouse line facility with Pacific & Western Bank of Canada (TSX: PWB). The facilities are intended to support Financeit's platform for enabling small businesses to offer financing to their customers. Founded in 2011, the Toronto-based company has signed up more than 3,500 retail, vehicle, home improvement and healthcare businesses that have processed more than $500 million in loans. Financeit raised US$13 million last year in a Series A round from U.S. venture capital firm TTV Capital and other investors, and previously secured angel funding.
9 June 2014•3 mins read
