TORONTO, June 17, 2024 /CNW/ - FinanceIt Canada Inc.
("Financeit" or the "Company"), the leading provider of
point-of-sale financing in the Canadian home improvement,
recreational vehicle, and retail sectors, is pleased to announce
that it has increased its securitization facility to C$500 million. The facility was launched in
September 2023 with CIBC. The
increase to C$500 million was
accomplished by an upsize in committed capital by CIBC and adding
Concentra Bank, wholly owned subsidiary of Equitable Bank, as a
lender to the facility. The facility when combined with the
Company's pre-existing loan funding facilities, provides Financeit
with over C$2 billion in financing
capacity to fund its rapidly growing consumer receivables portfolio
and help meet the increasing demand for home improvement loans from
Canadian consumers.
![Financeit Announces Increase to its Securitization Facility to C$500 Million (CNW Group/Financeit Canada Inc.) Financeit Announces Increase to its Securitization Facility to C$500 Million (CNW Group/Financeit Canada Inc.)](https://mma.prnewswire.com/media/2439834/Financeit_Canada_Inc__Financeit_Announces_Increase_to_its_Securi.jpg)
"This is an important milestone for Financeit given the
incredible growth we have experienced and sets us up for future
success as we scale the platform.'' said Casper Wong, Co-Founder and CEO of Financeit.
David Yeilding, CFO of Financeit
added: "This expanded securitization structure optimizes our cost
of capital and strongly positions the Company to raise financing on
the term ABS markets in the near future in support of Financeit's
future growth."
About Financeit
FinanceIt Canada Inc. is a leading provider of point-of-sale
financing solutions for the home improvement, recreational vehicle,
and retail sectors. Founded in 2011, the company offers flexible
payment plans to enterprise businesses, big box retailers, OEMs,
and dealer networks, supporting their projects and purchases.
Financeit's cloud-based technology empowers merchants to increase
close rates and transaction sizes through convenient payment plans
while ensuring a transparent and efficient loan application process
that supports merchant partners across Canada. Financeit operates as a subsidiary of
CommunityLend Holdings Inc. For more information, visit
www.financeit.io.
SOURCE Financeit Canada Inc.