Press Release 2016-04-14 Toronto, Ontario
Financeit, a cloud-based point-of-sale financing platform, is pleased to announce a strategic funding collaboration with Concentra, a leading 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 with a launching pad to diversify wholesale solution offerings to credit unions.
“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,” says Michael Garrity, Founder and CEO, 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,” explains Dallas Marce, Executive Vice-President, Wholesale Finance, 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 allows 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. Financeit and Concentra anticipate a long-term collaboration expected to result in business opportunities to strengthen competitive advantage for both companies and their partners.
Financeit is a free-to-use platform that makes it easy for businesses to offer powerful financing options to their customers from any device. The company provides financing solutions through a safe and secure platform that traditionally were only available to big box retailers.
The Financeit brand is defined by its commitment to fairness, transparency and ease-of-use, with no hidden fees or backdated interest, and competitive interest rates. Since launching in 2011, Financeit has signed up over 4,000 retail, vehicle, home improvement and healthcare businesses that have processed more than $1 billion in loans in Canada and the United States.
Concentra is a leading wholesale finance and trust solutions provider for Canada’s credit unions. Our expertise, financial clout and national network help credit unions improve financial performance, diversify risk and meet member needs. The strength of Concentra comes from deep roots in the co-operative system. A natural partner for credit unions, Concentra works to bolster the system’s collective ability to deliver competitive financial solutions to Canadians.
With over $34 billion in assets under administration including over $8 billion in on-balance sheet assets, Concentra is financially strong and positioned to support the future of the credit union system.
For further information:
Emily Abrahams, PR & Communications Manager
1-888-536-3025 ext. 111
Tracy Laschilier, Manager, Marketing and Communications