Wafra Capital Partners (WCP) has acquired Toronto-based Financeit from Goldman Sachs Asset Management.
Financeit is Canada’s leading 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 over 1,100 new merchant partners, processed over 115,000 loan applications, and funded a record $534 million in loan originations. The Company also announced that it had reached $2 billion in lifetime loan originations, taking only two years to double the previous milestone of $1 billion, which was reached in 2019.
WCP is a New York-based investment advisory firm with over $7 billion in fund assets and commitments under management.
While terms of the transaction weren’t disclosed, an industry source said the deal was likely valued between $350-million and $500-million.
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.
“We are very excited to be partnering with WCP through this acquisition,” said Financeit CEO Michael Garrity. “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.”