Financeit announced this week that it has added Goldman Sachs to its Securitization Warehouse, increasing its capacity by $200 million to a total of $700 million.
Combined with the Canadian fintech’s existing loan funding arrangements, Financeit now claims nearly $2.5 billion in annual loan financing capacity.
“We are excited to deepen our long-standing relationship with Goldman Sachs by adding them as a key lender,” says cofounder Casper Wong.
“This provides the additional capital needed to support our growth as we continue to scale as Canada’s largest non-bank point-of-sale financing company,” he added.
The announcement supports the company’s “rapidly growing” consumer loan receivables portfolio and meets an increasing demand for flexible home improvement loans from Canadian consumers, according to Financeit.
Annual loan originations have tripled in size over the last three years, according to Wong.
“We continue to expand our financial product offering and dealer network,” he said.
Founded in Toronto in 2011, Financeit offers flexible payment plans to enterprise businesses, big box retailers, and more, supporting their projects and purchases.
“We remain committed to optimizing our capital structure, optimizing our overall cost of funds, and broadening our lender diversification,” stated CFO David Yeilding.
“We look forward to continuing our relationship with Goldman Sachs who offers best-in-class capabilities,” he added.
Financeit was acquired in 2022 before buying the Simply Group, which operates Simply Group Financial and SNAP Home Finance, last year.
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