FinanceIt, a Canada-based financing software provider backed by financial services technology provider FIS Global, raised C$22m ($17m) in equity financing yesterday from DNS Capital, Pritzker Organization and undisclosed existing investors.
FinanceIt has built a software platform that allows retail businesses to offer financing options to customers through mobile devices. It has increased its lending in the home improvement industry by nearly 200% since 2015.
The company recently acquired TD Bank Group’s indirect home improvement financing assets, which will enable it to service around 45,000 existing TD consumer loans.
Michael Garrity, founder and CEO of Financeit, said: “As more merchants embrace the benefits of offering cloud and mobile-based financing options to their customers, Financeit expects to increase its sizable signature in this market.
“We continue to focus on innovation for our merchant partners and market growth through both organic tactics and acquisition.”
FIS led FinanceIt’s $13m series A round in 2013, which also included TTV Capital, before investment bank Goldman Sachs provided an undisclosed amount in October 2015 through its Merchant Banking Division.
FinanceIt had previously received C$2.5m in 2007 under its old name of CommunityLend, back when it operated as a social lending service, and another C$3m in 2012.