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Financeit Canada
Financeit launched in 2011 as a point-of-sale financing platform for home improvement contractors and their customers. Michael Garrity took over as CEO in...
Financeit Canada
Financeit launched in 2011 as a point-of-sale financing platform for home improvement contractors and their customers. Michael Garrity took over as CEO in 2017, bringing experience from the Canadian fintech ecosystem. The firm partners with over 10,000 home improvement businesses, enabling them to offer financing at the point of sale. Its lending book focuses on residential renovation and HVAC projects, a segment where traditional bank credit processes often slow contractor close rates (per the firm's official communications). The firm underwrites its own loans, funding projects like kitchen remodels, window replacements, and furnace upgrades. Financeit reports average loan sizes around $15,000 and rates that vary based on project scope and borrower creditworthiness. It distributes through a proprietary mobile application that contractors use to submit applications during in-home consultations. The firm does not operate a consumer-facing lending marketplace; it serves as a white-labeled or co-branded financing option for trade partners. Funding comes from a combination of equity raises and warehouse credit facilities, with Gravitas Securities and Goldman Sachs among past financing partners (per public record). Financeit employs over 200 people from its Toronto headquarters. It maintains no satellite offices. In August 2023, the company announced it had surpassed $5 billion in total loan originations since inception, processing roughly 150,000 applications annually (per the firm, August 2023). Goldman Sachs purchased a majority stake in the business in 2017, then exited in 2021 when management recapitalized the company alongside new investors. The firm operates no adjacent charitable foundations or membership networks. The structural differentiator is vertical depth: Financeit underwrites only home improvement loans, using purpose-built credit models trained on contractor payment histories and project-specific completion data. This narrow focus produces approval rates above 85% while keeping defaults below the broader unsecured consumer credit average — a risk profile that generalist online lenders cannot replicate without the same proprietary dataset.
General information
Firm type
Point-of-Sale Financing
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, ON, Canada
Principals
Michael Garrity
CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Financeit?
Michael Garrity has led Financeit as CEO since 2017. The firm does not publicly disclose a CIO; underwriting and credit decisions are automated through proprietary risk models overseen by the executive team. The board includes representatives from the investor group that recapitalized the company in 2021.
How does Financeit source its loan volume?
Volume comes entirely through trade partners — home improvement contractors, HVAC installers, and window-and-door retailers — who use the firm's mobile application to submit customer applications during in-home consultations. Financeit does not operate a direct-to-consumer channel, which means acquisition costs are embedded in the contractor relationship rather than paid marketing spend.
Is Financeit a marketplace lender or a balance-sheet lender?
Financeit is a balance-sheet lender. It underwrites and funds loans directly, then retains or sells portions of those receivables through warehouse facilities, including one previously structured with Goldman Sachs. It does not operate as a peer-to-peer platform or originate loans on behalf of third-party banks.
Does Financeit participate in fund commitments or only direct deals?
Financeit is not a fund manager. It originates consumer installment loans for home improvement projects, funded through a combination of equity capital and credit facilities. Institutional allocators can participate by purchasing loan portfolios or providing warehouse lines, but the firm does not market a commingled fund.
Which sectors does Financeit focus on?
Financeit operates exclusively in residential home improvement lending. Its portfolio is concentrated in renovation loans, HVAC and furnace financing, and window-and-door projects. It does not finance new home construction, commercial property improvements, or general unsecured consumer lending.
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