Canadian financer for small and medium-sized businesses (SMBs) raised USD13 million in Series A funding. The name of the lead investor was not disclosed. Among the other funding sources that were revealed, TTV Capital had the largest share in this round, according to a report published by TechCrunch.
FinanceIt is a company that offers financing services for your customer's purchase. The service is currently available in Canada only, the report said.
The firm charges an acceptable rate for consumer loans, but it does not charge the seller itself. The company checks the credit score of your clients and executes the most appropriate payment plan for them. Consumers can borrow up to USD50,000 instantly. Interest rates run from 6.99% to 12.99%, depending on the client's credit score. The method is actually fast, if a bit risky, the report explained.
FinanceIt plans to use the new funding to expand its services to the United States starting next year, TechCrunch reported.
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