A prominent provider of point-of-sale financing within the Canadian fintech industry has acquired consumer loan business of the Simply Group.
This acquisition includes Simply Group Financial, SNAP Home Finance, and certain assets of EcoHome Financial—solidifying Financeit’s position in the home improvement, recreational vehicle, and retail sectors.
The move a milestone for Financeit, which aims to expand its market footprint and strengthen its commitment to the Canadian point-of-sale financing market.
“We’re thrilled to announce another milestone in our growth journey as we focus on expanding our market footprint and our enduring commitment to the Canadian POS financing market,” stated Michael Garrity, CEO of Financeit. “The Simply Group Loan Business team has consistently showcased deep industry expertise, remarkable market agility, and an array of competitive products and services for dealers.”
Founded in 2011 in Toronto, Financeit itself was acquired in 2022.
“We are excited to join forces with Simply Group Financial, SNAP Home Finance, and EcoHome Financial in this transformative acquisition,” stated Michael Gontar CEO of InterVest Capital Partners, which acquired Financeit from Goldman Sachs.
Financeit has a track record of providing payment plans to enterprise businesses, big box retailers, OEMs, and dealer networks for their projects and purchases. The fintech’s acquisition history signifies consolidation in the home financing sector.
The Simply Group Loan Business team has a record of facilitating over $3 billion in home improvement loans for more than 500,000 Canadians. The merger adds Simply Group’s team of over 180 professionals to Financeit, bolstering the company’s ability to deliver superior service to its Canadian partners and end-users.
Collaboration with Financeit will allow Simply Group’s combined companies to leverage a “superior” technology platform, enhancing both the consumer and dealer experience in the home improvement lending space.
“By combining our two businesses, we are confident that we can create a transformative impact on the lives of home improvement dealers, helping them drive business growth,” Garrity said.
“By bringing these companies together, we will be able to provide Canadians with the best technology and dealer experience in the home improvement consumer lending space,” agrees Lawrence Krimker, CEO of Simply Group Financial.
More Canadians invested in home upgrades during the COVID-19 pandemic, spurring growth and innovation in the industry.