Global fintech and funding innovation ecosystem

Canadian POS Financing on the Move: Financeit Acquires Simply Group’s Consumer Loan Business

FinanceIt | Release | Jun 26, 2023

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FinanceIt acquires Simply Group's consumer loan business

  • Strategic Acquisition:
    • Financeit’s acquisition of Simply Group's consumer loan business, including SNAP Home Finance and EcoHome Financial, signals a dynamic expansion in the point-of-sale (POS) financing sector in Canada.
    • By integrating Simply Group's proficiency in home improvement financing and its $3 billion track record, Financeit is positioned to deliver an enriched merchant and consumer experience, while accelerating innovation in financing solutions.
    • The merger brings together a combined strength of over 180 professionals, unlocking potential for a transformative impact on home improvement dealers and end-users.
    • Leveraging Simply Group’s technology and dealer experience, along with Financeit's established market presence, the consolidated entity aims to revolutionize the home improvement consumer lending space with advanced products and services.

See:  Empowering the Next Iteration of Consumer Finance

Michael Garrity, CEO of Financeit:

We’re thrilled to announce another milestone in our growth journey as we focus on expanding our market footprint and our enduring commitment to the Canadian POS financing market.  The Simply Group Loan Business team has consistently showcased deep industry expertise, remarkable market agility, and an array of competitive products and services for dealers. By combining our two businesses, we are confident that we can create a transformative impact on the lives of home improvement dealers, helping them drive business growth.

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NCFA Jan 2018 resize - Canadian POS Financing on the Move:  Financeit Acquires Simply Group’s Consumer Loan BusinessThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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