Canadian POS financing outfit Financeit makes hire for US push

Source: Financeit

Canadian based point-of-sale financing provider, Financeit, announces industry veteran, Steve Olszewski, in the role of General Manager leading its U.S. division.

Jonathan Smith will support as Chief Risk Officer, working to develop a highly-integrated risk management framework for operations in both Canada and the U.S.

"Joining the team to lead the organization's U.S. expansion could not be a more thrilling opportunity for me," says Steve Olszewski. "Financeit has a truly novel approach to solving big problems for companies in the home services industry, centralized around a market-leading point-of-sale lending platform, but extending far beyond that."

Olszewski, a long time professional in the point-of-sale lending business, previously held the role of CEO at Spruce Finance and senior leadership roles at both Discover Financial Services and GMAC Insurance. Smith brings nearly two decades of broad experience in the merchant based, point-of-sale and consumer finance industry, where he recently oversaw the consumer healthcare finance business as Chief Credit Officer of CareCredit and contributed to the successful initial public offering of Synchrony Financial on the New York Stock Exchange.

"This is an exciting time for Financeit as we prepare to launch into the U.S. market. Steve and Jonathan will be invaluable in leading a successful launch and accelerating our growth in the market," says Michael Garrity, Founder and CEO, Financeit. "Their vast lending experience and deep understanding of the point-of-sale industry will allow us to hit the ground running this year."

In addition, Financeit welcomes two new Directors, Jeff Balagna and Andy Bodea, to its Board of Directors. Balagna, CEO of Team Car Care, (dba Jiffy Lube), brings his extensive experience in leading large-scale international teams and managing profit and loss for multi-billion-dollar businesses. Bodea is currently the Chief Global Operations Officer of Equifax and has previously held senior positions at market leaders including, Home Depot, GE Company, GE Capital Corp, Gateway Inc., McKinsey & Co and Monitor Co.

"This is a great time to be in the home services lending space. Innovation, fresh thinking, and bold product offerings are needed and Financeit is very focused on filling this space with their innovative solutions," says Balagna. "I'm excited to bring my prior experience in this industry to assist such a fast-growing and energized team."

Financeit has been rapidly expanding its reach and product offerings since the closing of an investment round by Goldman Sachs in 2017. The acquisition of Centah Inc., a market leading technology platform and call center infrastructure, has increased Financeit's overall offering in the marketplace and continues to allow the company to provide merchants with an end-to-end solution to increase sales.

Since launching in 2011, Financeit has attracted over 7,000 merchant partners and has processed over $3.6 billion in loan applications. They were also recently awarded the Deloitte Technology Fast 500, recognizing the world's top fintech businesses.

With insights and direction from home service industry veterans, Financeit continues to focus on alleviating home renovation debt and accelerating the home improvement business. Partnership announcement to follow. 

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