Financeit is a Canadian point-of-sale financing provider for the home improvement industry and powers sales transactions for merchants in home services, recreational vehicle and retail with technology-driven customer payment plans. In 2021, Financeit added more than 1,100 new merchant partners, processed more than115,000 loan applications and funded a record $534 million in loan originations. The company reached $2 billion in lifetime loan originations, taking only two years to double the previous milestone of $1 billion, which was reached in 2019.
“We are very excited to be partnering with WCP through this acquisition,” Financeit CEO Michael Garrity, said. “Even with our incredible growth to date, management fundamentally believes that our greatest growth is still in front of us. Given the WCP team’s depth of knowledge in loan origination platforms, we are excited to work with them to accelerate our services and market penetration in the coming years. Together, we will strengthen our position as the leading provider of point-of-sale consumer credit, while also expanding our range of products and adding new industry verticals to our point-of-sale channel.”
WCP is a New York-based investment advisory firm with more than $7 billion in fund assets and commitments under management. As Financeit continues to expand its operations, WCP’s investment will support its projected growth towards $1 billion in annual loan originations, allowing the company to expand its strategic partnerships and the advancement of product innovation.
“Wafra Capital Partners is excited to join the Financeit ownership group and invest in one of Canada’s top point-of-sale consumer financing companies. We are confident that our capital and strategic insight will further evolve the progression that is already underway, allowing Financeit to reach a new ambitious milestone in the years ahead,” Michael Gontar, CEO of Wafra Capital Partners, said.
BMO Capital Markets, Raymond James and RBC Capital Markets acted as financial advisors to Financeit. Sullivan & Cromwell LLP and Osler, Hoskin & Harcourt LLP acted as legal counsel to Financeit in connection with the Transaction. Macquarie Capital acted as financial advisor and Hughes Hubbard & Reed and Blakes, Cassels & Graydon LLP acted as legal counsel to WCP.
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