Goldman Sachs leads investment in cloud-based POS startup Financeit

Source: Financeit

Financeit, a market leading financial technology company offering a cloud-based point-of-sale financing platform, today announced the close of a minority equity financing round led by the Merchant Banking Division of Goldman Sachs ("Goldman Sachs").

Leveraging the latest mobile and cloud-based technologies, Financeit's lending platform enables merchants to increase revenue by offering their customers real-time consumer financing through fair and affordable monthly payment options. Financeit's mobile technology uniquely brings financing to the point-of-sale wherever transactions take place, whether in-store, online or in-field.

"The point-of-sale finance space is in desperate need of better solutions for merchants, and fairer, more transparent financing options for consumers," said Michael Garrity, Co-founder and CEO of Financeit. "The minority investment made by Goldman Sachs gives us growth capital to put our leading-edge financing platform into the hands of more merchants."

With the financing in place, Financeit is focused on an accelerated growth strategy across Canada and the US. Since launching in 2011, Financeit has signed up more than 4,000 merchant partners and received more than $1 billion in loan applications.

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