Toronto-based Financeit to expand into US with POS financing for home improvement

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Financeit, a Toronto-based point-of-sale finance company, has named former Spruce Finance CEO Steve Olszewski as general manager in charge of its new U.S. business, part of an international expansion by the firm, according to a press release

Before leading Spruce, an owner of solar and residential energy assets, Olszewski held senior leadership positions at Discover Financial Services and GMAC Insurance.

Financeit also named Jonathan Smith, a former chief credit officer at CareCredit, as its new chief risk officer.

“This is an exciting time at Financeit as we prepare to launch into the U.S. market,” company founder and CEO Michael Garrett said in the announcement. “Steve and Jonathan will be invaluable in leading a successful launch and accelerating our growth in the market.”

The company also named two new members to its board of directors: Jeff Balangna, CEO of Team Car Care, which does business as Jiffy Lube; and Andy Bodea, chief global operations officer at Equifax.

The company said it is focused on alleviating home renovation debt and accelerating the home improvement business.

Goldman Sachs, a prior shareholder in the firm, acquired a majority stake in Financeit in December 2017. Goldman also helped finance the acquisition of Centah Inc., a Canadian provider of home improvement software and call center solutions.


Topics: POS, Region: Americas, Technology Providers


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