TORONTO–Financeit, a cloud-based point-of-sale financing platform, said it has entered into a strategic funding collaboration with Concentra, a provider of wholesale finance and trust solutions to Canada's credit unions. The collaboration, initially worth $100 million (CAD), represents a significant expansion of Financeit's lender community and provides Concentra a launching pad to diversify wholesale solution offerings to credit unions, according to both organizations.
"The collaboration with Concentra further demonstrates our commitment to give our merchant partners the capital they need to offer flexible monthly payment plans to customers across Canada,” said Michael Garrity, the founder and CEO of Financeit. "The ability to introduce lending capital to credit unions in Canada will serve to advance sales for business on our platform dedicated to home improvement, retail and vehicle sales."
"Financeit offers a winning nation-wide platform and is a valuable partner to Concentra as we continue to build larger scale relevant solutions for credit unions. Their entrepreneurial spirit and client-centric approach to business is closely aligned with the values held by Concentra and the credit union system," said Dallas Marce, Executive Vice-President-Wholesale Finance with Concentra. "Working with Financeit allows Concentra to offer credit unions access to point of sale originated consumer assets outside the credit union system."
The initial $100 million relationship will allow Financeit to fuel a national growth strategy with increased origination capacity and access to the credit union system. In turn, Concentra aims to provide credit unions with strategic investment opportunities over the coming months that align with their need to diversify and improve margins, the companies said.