Financeit Launches in the US

Toronto’s Financeit announced yesterday that it has launched in the US.

Financeit’s cloud-based application fills a gap in the existing lending market, as smaller businesses have traditionally not had access to the same low interest purchase financing options as big box stores, according to the Canadian company.

Financeit also announced today that it has partnered with FIS, the world’s largest provider of banking and payments technology solutions, to facilitate their expansion into the US market.

Financeit, a Techvibes 20 company, processed more than $715 million in customer loan applications across 3,500 merchants in Canada before their US launch.

“Small and medium sized businesses are now empowered to significantly increase sales through tools and solutions once totally out of their reach,” said Michael Garrity, CEO and co-founder of Financeit.

RELATED: Financeit Raises $13 Million Series A Round to Expand Consumer Financing Platform

“We work very closely with our partners, who are generally main street merchants in retail, home improvement and healthcare, to help them to keep them advance their sales by giving their customers fair and fast payment plans right at the point of sale,” he added.

Businesses can sign up with Financeit and start offering financing to their customers the next day, promises Financeit. Once a loan is approved, the cash is sent to the merchant and the customer is provided with a monthly payment plan paid directly to the lender. Unlike a credit card’s merchant fees, the use of Financeit is at no cost to the merchant.

At launch, Financeit will be initially available in California, New York and Pennsylvania with a steady rollout expected in other states through 2014 and early 2015.