Financeit has entered into a new strategic consumer lending agreement with the Royal Bank of Canada (RBC) to solidify its position as Canada’s leading point-of-sale financing provider.
Focused on the home improvement, vehicle and retail industries, Financeit’s innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans.
The Financeit platform features a fast, transparent application process and has serviced over 9,000 merchant partners across Canada, with over $1 billion in assets under management.
Through this new alliance, RBC is providing capacity to fund $500 million, or more, of originated POS consumer loans.
Starting later this year, Financeit will work with RBC to support the origination of consumer loans whereby Financeit will continue to offer merchants and customers its easy, full-service solutions.
“We couldn’t be more excited to enter into this strategic relationship with RBC,” says Chris Lynch, Chief Financial Officer of Financeit. “Attracting a financial institution of RBC’s pedigree not only showcases the size and scale of our POS lending business but it shows our resiliency and diversity as a business.”