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Financeit Canada’s fastest growing consumer lender has just raised $13 million dollars in series A funding, They operate on exact match domain name FinanceIt.ca which was only registered in 2010 – The company is based in Canada and owning the local cctld is a great move for this business. I do however think they should try to purchase FinanceIt.com from its owner Anthony Wilbert and it would be nice to have the hack to from Italian cctld .it – Finance.IT
The COM was sold in 2007 for $10,000 on Sedo and I think FinanceIt should reach out to the current owner to see if he would consider selling the domain name, if FinanceIt are planning on growing their business outside of Canada as mentioned in the TC report below. The current owner operates an online business software solution service on Fidex.com which he also bought on Sedo.com for $2250 in 2011.
Here is the full story below.
Today FinanceIt, a company that brings financing options for consumer purchases to small and medium-sized businesses, announced that it has raised a $13 million Series A. The company declined to list its lead investor, but among the funding sources that were disclosed, TTV Capital was the largest participant.
FinanceIt is currently a Canada-only play. The outsized Series A is directly lined up to help the company expand to the United States, starting in 2014. That specific progression will wait until the conclusion of this calendar year.
As a company, FinanceIt offers a very interesting service: If you sell stuff, it will finance your customer’s purchase of said stuff, charging you nothing for the help. Naturally, FinanceIt charges a firm, but not eye-popping interest rate on the loans, making its coin from the consumer, and not the business.
For the small or medium-sized company that can’t afford, or simply doesn’t know how to set up its own financing programs, it could be a neat fit.
Consumers have their credit score checked inside your store, plans are displayed on a mobile device (No payments 6 months, etc), and are executed. The consumer goes further into debt, and the business is paid within a day. In, out, done. It’s slick, if almost dangerous in how it allows consumers to borrow up to $50,000 in a flash.
Interest rates for the consumer begin at 6.99%, and can run as high as 12.99% if your credit is suck. You can’t borrow less than $500. And yes, you can use the service to cover medical bills, provided that your medical installation is a FinanceIt customer.
Cheap credit fast for small businesses using a neat, if not terribly complex technology stack. Coming soon to the United States.