Canada’s leading fintech launches new credit program with expanded approval process
TORONTO, Aug. 9, 2021 /CNW/ – Financeit, Canada’s leading point-of-sale (“POS”) financing provider in the home improvement space, continues to innovate in the fintech sector with the launch of its brand-new Second-Look Advantage program. Dealers across Canada will now have access to a diversified and expanded approval process for consumers to increase approval ratings and support Canadian businesses.
The Financeit Second-Look Advantage program is a direct solution for applicants who do not qualify for Standard Credit or Extended Credit programs. Designed to help close more transaction deals, it will allow businesses to offer alternatives and more credit options to a wider group of customers. Rooted in technology, it features the same fair, transparent consumer experience with one of the highest approval rates in the market, up to a 10% increase compared to existing credit offerings.
As a market leader in the lender space and the first Canadian POS financing provider to introduce the service, the launch will allow Financeit to offer an accessible and trusted program with no hidden fees. The program offers a transparent loan structure and requires only one credit pull to match the consumer with the best credit offer automatically.
“We are continuously in search of new ways to innovate and expand our offerings to meet the growing demands in the home improvement sector,” says Financeit CEO, Michael Garrity. “Our businesses can always rely on us to offer trusted, transparent services and technology-driven financing solutions to support them with their sales efforts. Consumers can now turn to this program and have the same seamless experience as always, and not have to worry about shopping around for other financing options if they do not qualify for financing.”
Centered around providing Canadians with Better Commerce for Better Living, the Canadian fintech’s cloud-based POS platform has funded over $1.5 billion in loans and has an active merchant network of over 3,000 businesses. Previously named Canadian Lenders Association’s Company of the Year in Lending, Financeit’s tremendous growth in 2020 garnered multiple accolades, including Canadian Business’ list of Canada’s Fastest-Growing Companies and Deloitte’s 2020 Technology Fast 50™ Enterprise Fast 15 company. Financeit’s innovative cloud-based technology platform features a fast, transparent application process to increase close rates and transaction sizes for businesses.
A pilot version of Second Look Advantage was initially launched within British Columbia on August 5, 2021, with the program becoming nationally available to Canadian home improvement merchants outside of Quebec by the end of August, 2021. For more information, visit www.financeit.io.
Financeit is a market-leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Financeit’s innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payments. The Financeit platform features a fast, transparent application process and has serviced over 9,000 merchant partners across Canada, with over $1 billion in assets under management.