Cloud-based POS financing platform Financeit and credit union wholesale finance and trust solutions provider Concentra have acquired TD Bank Group’s indirect home improvement financing assets, which have an approximate book value of $339 million.
Concentra receives roughly 45,000 TD loans while Financeit gets more than 800 merchant dealers. Following a transition period with TD, Financeit will service the loans and see all future POS loans will originate on its platform.
“This exciting transaction strengthens our leading position in the home improvement financing space and our commitment to being a catalyst for the growth and success of this important community in Canada,” Financeit founder and CEO Michael Garrity said.
In a release Financeit said its home improvement lending growth in the past year approaches 200 percent.
Current TD merchant partners can now submit loans on Financeit and use its mobile-enabled technology, self-service tools, paperless document signatures, extended credit and 180-day approval windows. TD platform loan origination ends next month.
“Our next step is to leverage this acquisition to develop new investment offerings for credit unions that align with their business needs,” Concentra VP Dallas Marce said.