University of Toronto word mark
 
 
 

Alumni: Giving U of T more reasons to be proud

 

Alumni startup Financeit buys up $339 million-worth of home improvement loans

Alumni startup Financeit buys up $339 million-worthof home improvement loans

When you buy a big-ticket item, this Canadian company founded by U of T grads could help you set up a loan on the spot

U of T alumni Casper Wong, Co-founder of Financeit
U of T alumni Paul Sehr, Co-founder of Financeit

U of T alumni Casper Wong and Paul Sehr co-founded Financeit with Michael Garrity.
Photos courtesy of Financeit.

Usually the big company buys up the startup. Not in this case. Financeit, a startup with U of T links that helps retailers provide financing plans for their customers, has just participated in a deal to buy $339 million-worth of business from the TD Bank Group.

Financeit is a cloud-based app that connects banks, retailers and consumers at the point of sale, paving the way for retailers without their own financing arrangements to instantly set up loans and payment plans for customers. In the new deal, made in partnership with wholesale financing company Concentra, 45,000 of TD’s existing indirect home improvement loans are being transferred to Financeit’s platform. It’s a move that connects the young company with more than 800 retailers, including Home Hardware.

U of T grads Casper Wong (BA 2006 Innis) and Paul Sehr (BASc 2001) co-founded Financeit in 2011 with Michael Garrity. Other alumni involved with the company include VP of product management Lee Zwaigen (BASc 2002) and VP of user experience Patañjali Chary (BSc 1995 UC).

For more, read the article in the Financial Post