Financeit, a point-of-sale financing platform, signed a significant credit facility agreement with ClearFlow Commercial Finance. This agreement will add additional capital to Financeit’s lending capacity and will support the securitization of loans through existing lenders.

ClearFlow will provide a revolving credit facility of up to $30 million to Financeit. As Financeit continues to expand its merchant partner base in the home improvement industry, the deal ensures that the company can continue to fund its loan volume upfront without impacting operations.

“We are experiencing rapid growth as an organization, so securing an agreement for additional capital was a logical next step,” said Michael Garrity, founder and CEO, Financeit. “We are pleased to be working with ClearFlow and are confident this relationship will be beneficial for both companies.”

“We are pleased to support Financeit’s growth and expansion of their services,” said Randy Rutherford, co-founder and director, ClearFlow. “We believe Financeit’s services bring great value to their customers through their digital business model and ClearFlow supports the model through our aligned cloud-based platform.”

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.

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 U.S.

ClearFlow Commercial Finance provides working capital solutions through a cloud-based platform that delivers fully digital, efficient, transparent services.